Yes, the market was hammered today, but more about that in
a moment. Today, NY Gov. Eliot Spitzer (D), a stilted,
sanctimonious first termer, said he had been fingered via wire
tap for bringing a hooker down to DC for an evening of
salacious R&R. That's a felony violation of the Mann Act.
You may remember Spitzer's tireless prosecution of Street
baddies during the 2001 - 2003 market bust, when he was NY
state attorney general. Not beloved on The Street, he left
the guys laughing during an otherwise tough day.
Back to the stock market. The SP 500 made a new down cycle
closing low of 1275 today, and is now slightly above the
1260 -1270 low test zone carved out by the e-mini future back
in January. Be watchful here, as the SP500 is in breakaway
down mode again on the basis of closing prices, but is also
oversold enough to attract positive interest. Technicians are
going to watch tomorrow's action with considerable scrutiny and
so should you if you are a trader.
- 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 !!!