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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, December 23, 2008

Stock Market -- Short Term Technical

The rally resembles a duck in flight which has evaded a full load
of buckshot, but which was clipped by a BB or two. There is another
load of buckshot en route, and the duck needs to gain altitude rather
quickly to avoid a nasty hit. Less prosaically, the market has
worked off a sizable short term overbought, and needs to move
ahead quickly to keep long side trader interest. Confirmation of
a rally of substance remains elusive, and the trajectory has flagged
to a critical level. Last Wed. it was mentioned that it was ok to
allow for the work -off of the heavy overbought but now we need
to see if this bird can gain some altitude before impatience brings it

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