Check out the Daily SPX. When you have double tops or bottoms you need to pay more
attention even if the time proximity is short and especially so when the market has featured
powerful momentum leading into the double. Traders should have pushed the SPX right
up through the 12/31 high today particularly when they dickered all day around the 1848
level. That means that most of the buy orders cleared without pushing the market higher.
Perhaps just an odd day, perhaps a warning day.
- 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 !!!