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 !!!

Thursday, July 31, 2008

Stock Market -- Still Just Looking

As previously discussed, the sharp sell off running from the
latter part of May through mid-July created a deep oversold
condition. Since this sell down also made it clear the US is
still in a bear market, it was suggested one be an angel and
not a fool in approaching the oversold. The market has moved
erratically up from the deep oversold and has even been nice
enough to form a channel. Even so, the signs I like to watch for
a change of trend have been scant indeed. So, despite the stray
thunderstorm, I have been relaxing out on the deck with the
occasional libation.

But, I have not lost heart, and continue to monitor the situation
for a long side trade. Specifically, I am watching the action of
the 10 and 25 day moving averages, and MACD and Stochastic
for the weekly charts. The daily SP 500 is here.

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