Nov
16
Siege Mentality, from Jim Sogi
November 16, 2007 |
Talk about siege mentality. The market in the recent past has crossed 1450 on 30 days, which seems to be more than random. Tests last time we considered this crossing issue were somewhat problematic. Even on a number of other days when it didn't cross, it acted as a barrier within a quarter point. Even back in 2000 by rough count the market crossed 1450 38 times. Reminds me a little of the criminal trial in which the accused is asked, "how many times have you been convicted?" Answer: "six times, and this time will make seven." With the big up day and the gap up it sure looked like the Schwartz was with us and justified a day off after weeks of 24 hour days, so I went fishing. Though we caught fish, the waves were so big they were washing over the boat! Appropriate, for on return to the screen it seems the storm rages on.
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