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Richard's Remarks


Yesterday's close didn't tell us anything very much about the market, and I doubt if today's close will be any more informative. The Transports have been pushed down so far, that any new high in the Industrials will almost surely represent a third non-confirmation.


The stock market is caught in a no-win situation. Everything depends on the outcome of the fiscal cliff, and whether the market has or has not discounted the result of going over the fiscal cliff. If we go over the cliff, and such an event has not been discounted by the market, that would be a disaster -- and the market could crash. If going over the fiscal cliff has already been discounted by the market, and we do go over the fiscal cliff, then nothing much may occur.


So for stockholders, the disaster would be the US going over the fiscal cliff with a market that ... Log in or subscribe to continue reading.

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