High instability and volatility has made a mockery of my attempts
to analyze the technical standing of the market. A rally did start
right in the middle of the timeframe where I expected one to
start, but we got up 25.7% on the SP 500 trough to peak over
3 trading days -- Fri. through Tues. -- followed by a steep fall and
then another push up today. The 25.7% move was a good year's
work, never mind 3 days. The market remains deeply oversold,
but the lack of stability has so far made it worthwhile for only the
most astute day traders. The market may need up to a good 5-6
trading days to sort itself out as to short term direction.
- Peter Richardson
- 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 !!!