The market has regained positive footing again. It is maintaining the groove in place since late
2012, with periodic lows nearly every three months or so followed by moves up to new highs.
SPX - Daily
Bull markets are rarely boring, but this one has become so. I will not bother you with re-capping
the current picture or regale you with stories of the number of instances of seasonal weakness
that lie ahead in Sep. and Oct. Be advised only that if the pricing pattern begins to change in
a meaningful manner something important will be afoot because that is what it will take to
break this now comfortable pattern.
The one change in the broad market I would note (again) is the loss of positive momentum
relative to last year as the Fed's policy of QE winds down to zero this autumn. Incidentally,
and in regard to monetary policy, wasn't that a fine piece of tap dance choreography Ms.
Yellen executed at today's keynote for this year's confab on monetary issues in Jackson Hole
WY.? Not even the Cheyenne in their heyday could dance around the campfire like that.
- 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 !!!