Just one guru's opinion--something to think about.
"Stock investors, like my grandchildren, will do almost anything these days to avoid rest time. Since January 1, the headline market indexes have swung back and forth, rather sharply on several occasions, but with little net gain to show for all the effort.
As of Thursday's close, for example, the Dow is off 0.1% since December 31. NASDAQ has declined 1.2% over the same period, while the S&P 500 has edged into the green, up 1.9%.
A disappointment for the bulls, certainly. However, the bears have little to chortle about either. A few overextended sectors have drifted downward, but so far Mr. Market hasn't staged a broad, substantial retreat that would clear the air and pave the way for another sustainable leg up.
After the tug-of-war of the past four months, I think we're getting close to a genuine "rest time." Seasonal tendencies are now turning unfavorable, and the advance has narrowed almost to the vanishing point.
In early March, when the S&P 500 index first topped 1870, the daily count of Big Board stocks touching new 52-week highs was more than double yesterday's pitiful tally of just 134 (out of 3,239 issues traded). Watch for the kindergarteners to fold their hands soon and take a nap....." |
