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Richard's Remarks

 

I've often said that the stock market acts like a living animal. These days the stock market acts like a wild beast that is searching for an escape route. In ten out of the last eleven sessions, the Dow has swung at least 100 points -- as if searching for a sustainable trend. But so far, if there's a trend, it's imperceptible or invisible.

 

I think we can say the same for the widely-watched S&P Composite. As subscribers know, I like to doodle around with charts. I came upon this one below of the S&P 500, and I'm not really sure what to make of it.

 

We see the first channel, which occurred late in 2012. A downside break of this channel led to the November low, whereupon a second larger and more impressive channel formed. The second channel lifted the S&P to a May high, following which the S&P broke through the ... Log in or subscribe to continue reading.


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