A tough Obama line on the fiscal cliff, ugliness in the streets in some southern EZ capitals
and, not to be outdone, Israel bombs Hamas and launches tank fire down into Syria from
the Golan. The US stock market is now in breakaway down mode, and the road map on
breakaways is unfortunately sketchy. The SPX is approaching a decently tradable 5%
discount to its 25 day m/a. The action in recent days shows failure to hold positive moves
early in the day, but with a deeper oversold now at hand, a stronger test of intent is ahead.
- 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 !!!