Stocks were up +2% in August and still within striking distance of the highs. Plus volatility is extremely low given that we played in such a tight range (1354 to 1426....but most of the time in a narrower band from 1400 to 1426).
The bears say that the market is not properly discounting all the negatives like Europe, China and Fiscal Cliff.
The bulls say that all of this stuff will be effectively cleared up making way for stocks to sprint to 1500.
Yes, one or the other could be right. But often times it's the middle case that wins out when you have such firmly entrenched players. That would likely mean that we have more range bound activity in September. Yet as pointed out last time, I think that range will widen a bit to the 50 day moving average on the low side [1375] and 1450'ish on the high side.
发表于 2012-9-4 12:48
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发表于 2012-9-4 12:10
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发表于 2012-9-4 11:26
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