It was a magnificently convenient day for the SPX today. The market is in a downtrend
on my short term indicators, but as fate would have it, the Boyz rallied it at the previous
10/12 low of 1429, and to compliment this fine bit of service, saw it settle at the 50 day
m/a. Sometimes, monkeyshines like this portend a significant "save" and subsequent
rally, but often it is just a sucker's play to reel in shorts and get the tape players buzzing.
- 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 !!!