Big Down Day Today – But Still in “Normal” Range

Blaring headline from the business news talking head, “Market is now down more than any day since May 5th!!!!!” Geesh, that’s only 3 weeks ago!  In fact, between then and now we enjoyed the third-longest streak of gains and losses of less than 0.20%, in other words extremely low volatility. With the summer doldrums already here, what does that mean for the stock market? Well, all other periods on the list happened in the middle of bull markets. In other words, today means nothing by itself. Greece is making noise that it will not put up with more “austerity” imposed by the ECB. That is enough to cause some jitters in the market. We’ll see what they say by the end of the week. Our strategy is unchanged – be invested, be cautious.

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Charles H. Dow Award Winner 2008. The papers honored with this award have represented the richness and depth of technical analysis.


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