There it was, the SPX headed up calmly to a new all time high. But as the linked - too
chart shows, there was another failure up at resistance set by the recent double top. SPX
There were factors to concern us today: An IMF report of low growth, the Fed minutes, big
trouble in Kiev. Still, when taking out the old high should be a lay up and you get yet
another rejection, you need to pay extra attention. At the least know that there are determined
sellers up near SPX 1850 and factor that into your thinking.
- 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 !!!