The market started off at the open with a hard gap down, only this time it never made a serious bid to recover. As a result, the major averages closed not far off their lows of the day.
The reason? Nothing new if you listen to the mainstream press. A concern about global economic growth and the eurozone debt bomb.
My personal choice is that it's more likely a reaction to QE2 winding down. That has a far more reaching effect on the global market that will reverberate
Seeing negative signs, but is sentiment too bearish? - After a turn-around Tuesday last week, followed by a two-day rally, stocks moved lower again on Friday. The Dow lost 93-points on the day and we now haven't seen a 3-day rally since the market peak at the end of April... Current Daily Market Commentary Market Commentary for 5/23/11
Last week I pointed out to you that the herd had gotten bulled up by more than 10% to begin the new week. An allocation shift of more than 10% since last July 6th (according to my spreadsheets) revealed the herd had been correct 5 of 7 times on that large a shift. But they didn't win this time. It was a volatile to week to be sure, but the major averages posted losses for the week at Friday's close, and I was only looking at week to week performance. So make it 5 times out of 8 that they've been
Updated 05-23-2011 at 05:01 AM by coolhand
Short & to the point
It might be hard to believe, but last Friday the S&P 500 closed down -2.72% off the 2 May 52 week high, and price is trading at 83% of it's 6-Month high/low range. So while we ponder this 3-week downside bias, let's keep in mind the dominant trend is still to the upside.
I'm going to make this week's blog short, I've got lot's to do and nothing in the market to worry about. Pictured below is yet another system I use to measure buying &
Short-term noise vs. a long-term road map The selling this past Friday took the indices into the red for the week. We are certainly seeing some kind of change in character in the market as the bulls have not been able to take the indices higher despite some bullish setups we’ve been seeing. For the TSP, the C-fund fell 0.28% on the week. The S-fund lost 0.54% and the I-fund gave up 0.15%. Bonds (F-fund) added 0.21%, and the G-fund was up 0.06%