About Me

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 !!!

Monday, December 10, 2018

SPX -- Where's The Holiday Spirit?

Both the US economy and the global economy at large should experience further slowdowns next
year and SPX earnings estimates are being clipped. Today, on an intraday basis, the market tested
critical support at 2600 before rallying up from it. My analysis of a host of intermediate term
indicators plainly suggests that the SPX is vulnerable to further downside before a less risky
long side trade would be warranted. But, and call me a sentimental old fool, 2018 was a good
year for the US economy and though there are well known risks for next year, it is outre in my
view to have the market break lower over Christmastide for God sake. Let's have a nice holiday
season and salt the worries about next year away until January. SPX Daily

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