The Final Arbiter
Since my last
report, not much good has happened. In fact, appearances have only become
more ominous. I don’t need to talk individual stocks at this juncture…I don’t need to talk sectors. Major indices are now speaking up loudly.
As I read them:
The Nasdaq 100 has now dropped below important support at 1600.
The Nasdaq is on the bubble at these levels.
The S&P 500 is just a stone’s throw away at 1170.
There continues to be too much complacency even with
what I consider to be horrid action. I would put the mute button on all the bullish
strategists’ calls. I would put the mute button on all the ridiculous target prices.Â
For the intermediate-term player, it remains “Go Slow Time.” Please remember:
The market itself is the final arbiter of how things should be, not opinion, not
hope, not prayer. I’ve tried. It doesn’t work. Listen to what the market has to say. The message
I hear is quite clear. And in case you want to look back for a fact: The S&P 500 is now flat going all the way back to July of
’98.
Until Friday,