*Markets today are receiving a low-volume rally. I consider this a "false-rally" as the market has not yet even began to hit major companies' earnings reports plus the drop in oil is at play. And wow, what a drop it is, a whole 34 cents to $55.70... Anything over $50/barrel is still exceptionally high, while anything over $40/barrel is still historically high. It will dawn upon the market soon enough that these high energy prices are locked in, and that lagged inflation will begin to affect consumers. A 1-2 punch between energy costs and items costs to the consumer could be potentially devastating, scattered reports that the consumer has already began to tighten their pocketbooks... It's getting interesting, the most important factor in today's rally is going to be volume, watch the volume...
Also the S&P 500 continues to appear that it's aiming for a head and shoulders top formation, a current speculation of mine is that it's putting in its right shoulder at this moment...
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