Day job random. Another exercise in street proofing, today ranges. In the last month+ the S&P 500 has traded in a 2% total range. No matter how good the news was, no breakout. No matter how bad the news, no breakdown. This is a very curious combination of time and price. When something huge like the worlds most liquid index behaves this way, its an indicator. And the indicator is saying something really big is coming, and probably in earnings season. I cant tell you which is more likely, new highs or a smack, but whatever move is coming will be larger than has been typical and shatter the range. This back and forth is evidence of positioning among the big shooters. On a breakout they will be buyers, and sellers on a breakdown. Big time.
Posted on: Tue, 25 Mar 2014 14:22:32 +0000
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