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Richard's Remarks


Over the weekend and Monday I think I read fifty articles about the stock market and the economy. Is there any way that one can come to a conclusion about the stock market after reading all those newspapers? I think not. In the end, the best analysis of the stock market is the study of the stock market itself. The Confidence Index for the week rose back above 70, which is good news for the market. Yesterday, the Industrials and Transportation Averages closed at record highs, and the NASDAQ gave a good account of itself, as did the S&P. So all these metrics are positive, and the trend of the stock market appears to be bullish.


But volume-wise, there was just no clear follow through -- and a truly advancing market needs the confirmation of expanding volume. QE ending in October does not appear to worry either the stock or bond markets.


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