One rule I follow is when I foresee twists and turns ahead in a piece that I am about to write, I
lack a clear, definite point of view. So rather than belabor the outlook for the market with a
lengthy discourse, suffice it to say that I remain cautious and happy to sit on my hands.
When I look at the technical work, the "perfect" path would be for the market to sell down sharply
this week, then rally reasonably quickly to a minor cyclical high with this to be followed by a
couple of weeks of consolidation before prospects for a more substantial correction take shape
sometime in June.
However, since tthe market very seldom rewards one with exactly what one thinks should
happen, I am going to continue to take it easy, not argue with anyone, and see if the action gives
me some better clues.
- 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 !!!