The SPX is edging away from consolidation toward correction. SPX Daily There has
been a small break below the little shelf of support at 1780 - 1782, the RSI and MACD
indicators are heading down and the VIX (bottom panel) is headed up while the SPX has
edged below the 10 and 25 day m/a s. Nothing nasty yet, but watch carefully.
Players would like a sugar plum ending to the year -- a graceful move up to close out a big
2013 on a high note. But, taper from the Fed worries notwithstanding, there are folks
who are cleaning out losers and others who are quietly rotating issues within their
portfolios to be ready on day one for 2014. So, you cannot count on the sugar plums.
- 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 !!!