Stalemate (TC2000)
Today's session ended in a stalemate and, symbolic of just how grid locked the bulls and bears were, was the count of advances and declines of common stocks on the NYSE: 1213 to 1213. Also, and this seems extraordinary, today's high in the Dow is precisely the same as yesterday's high – right to the point 12. More, today's low is precisely the same as yesterday's low – right to the point 92. And that ain't the end of it. Today's high and low in the SP-500 are precisely the same as yesterday's high and low all the way out to two decimal places. Just out of curiosity, I checked out the 30 Dow stocks to see if any of those had highs and lows equal to yesterday's results. Nary a one, though IBM, JNJ and GM came close. It was only the average that achieved this strange price lock. (If we are to believe the figures.)
I find it a bit disappointing that the Dow has been unable to follow through more decisively on its little victory (closing above the minor high at the turn of the month). Not that I'm rooting for it one way or the other. I don't care which way the market goes, just so it goes in a direction consistent with my prognostications. I am disappointed because the gridlock introduces a haze that I find difficult to see through. However, I continue to see a worst-case scenario of a test of the spring lows in one or more of the three major averages. -DW |
