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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 !!!

Monday, October 22, 2007

Stock Market Comments

As discussed in several recent posts, the stock market
experienced a strong bullish impulse off its mid- August
low that went too far, too fast. I had a nice run off those
lows, but exited in early October as the action was too zippy
for my taste. The crunch came last week as earnings
disappointed, oil surged and G-7 came out grumpy. My plan is
be thankful for the recent surge and bide my time, allowing
the market to sort itself out short term. These are uncertain
times and the Sep. / Oct. high flyer discounted a rapid return
to sunny prosperity.

The SP500 bounced off classic pivotal support today at 1500.
That may bring in some fast super short term money, but I have
to confess that textbook bounces like today leave me a bit
leery because the action seems facile. More as the week
wears on.

I owe some links to some interesting art I have seen recently
and I am readying that.

1 comment:

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