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About Me

Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!

Wednesday, February 08, 2006

Stock Market -- Brief Technical Note


The S&P caught bids today off a mild oversold and at short term support.
I have passed on it. Looking at the broad market, there are still
too many stocks that are extended on the upside. The S&P fell a
little short of my Jan. 2006 target of 1310, but the broader market was
lit up pretty well in the latter part of the past month, and the
consequent pullback leaves too many stocks still hanging high. So
as a guess and as a conservative gesture, I am not putting on any
long trades just yet.

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