Dull Day
Not much of a bounce today. The SPX gave back most of its small gains in the last half hour of trading. Volume was again very light. And the Hi/Lo index for the NYSE was negative, so there is scant leadership in the market.
In addition to the low readings we have been seeing in the put/call ratios, this should be view as a caution sign. I have stated that I felt the market would hold up into year end. As for a correction in January, it is looking likely, even though that is the consensus among investment managers I speak with.
But that might be what is needed to shake some of the recent bulls' confidence and bring more bearish sentiment back to the market. Then we might be in a position to resume climbing the wall of worry.
Have a great night--
posted by J. Kahn @ 1:27 PM
1 comments
1 Comments:
I would have to agree that the start to '06 might look a little like early '05, especially with a new Fed Chair taking the helm, there is enough uncertainty to set us up for some buying opportunity at lower levels.
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