Backing and Filling Week?
A quick note about this week, which is fairly light on major economic reports:
Expect some digestion of the prior week's gains this week.
The Stock Trader's Almanac notes that this week, following June's quadruple witching, the Dow has been down 14 of the past 16 years. (That's a pretty serious stat)
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Dow, 60 days
Monday, June 19, 2006 | 10:25 AM | Permalink
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I'm one of the many people who expressed scepticism of the 300 point pole-vault last week here on your blog. I continue to be extremely suspicious of the market. That sort of rally wasn't healthy and shows just how frightened everyone is of missing out on any gains.
Until the mentality shifts to fear of the downside from fear of the upside, we're going to sink. We'll sink after that too, of course, but the first step to healing is admitting you have a problem. That will take a long time for those accustomed to such a long period of bull market. Remember that the RUT and most global indices hit all-time highs recently. When the QQQQ and other bull markets ended, everyone sloshed into the next. We stil know nowhere but up.
Posted by: ndk | Jun 19, 2006 11:59:13 AM
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