Powered By Blogger

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 !!!

Tuesday, January 16, 2007

Stock Market -- Technical

It remains an up market, obviously. But the uptrend is
more tentative. There have been some short term price
and breadth breaks of trend, momentum has slowed
noticeably, and there is a hint in the longer term
momentum work that the market may be entering an
interim topping phase. The strong intermediate term
overbought condition I have discussed in recent weeks
has eased some, but the market is near enough to being
overbought that it is hard to justify an expectation of
a sharp short term advance from the current level. In
sum, the market is rising but the trend is far less
assured and it appears to be maturing.

No comments: