heading into December option expiration day, the market is most likely get pin at the 1100 level on the S&P 500 index. In a longer term, Thursday’s trading action suggested strongly that the market is headed for a retest of the bottom of the 5-week trading range, around S&P 1080.

今天是12月份的期權到期日，市場很有可能會停留在標普500指數的1100點附近。從更長期來看，週四的行情強烈預示著市場打算重新測試5周來交易區間的底部，大約在標普的1080點

the lack of follow-through from Thursday’s rally and the fact that the market had given up all of its strong gain is very discouraging. In fact, recent trading actions suggesting strongly that risk aversion is now the predominant theme. Although given that the market had gained more than 50% in less than eight months, it would make sense for stocks to take a breather. What this means is that, as long as the S&P 500 index holds above the 1020 level and the U.S. dollar stops rallying, then this decline is nothing more than a temporary setback or another blip in the multi month rally.

上週五股市未能延續前一天的反彈，反而全部放棄了上週四的巨大漲幅，這是非常令人失望的。事實上，股市最近的走勢強烈意味著當前風險規避是市場主基調。考慮到股市在不到8個月的時間裡漲幅超過50%，出現修正走勢也是合乎情理的。這意味著只要標普500指數堅守在1020點上方、美元停止上攻，那麼這輪下跌將只是對數月來大漲行情的短暫修正。

the near-term technical outlook remains bullish and should provide foundation for further advance. Buyers however, should be aware of the negative divergence on the Money Flow measure. While this does not necessarily mean that a significant correction is underway, it indicates a waning upside momentum, which in turn suggests that the market could be in the final leg of the present rally. So investors need to be careful about buying stocks and need to get some downside protections for those that have already been bought