What a week!
Good afternoon and what a week. I have been out of the office doing the media side of my job this week and really look forward to being back at my desk and communicating with you all more actively next week. As lovely and talented as Rhonda is, I have learned to appreciate what TV folk do by sitting on a live set for two hours. I asked to get up to go to the bathroom and they told me "here's a cup, we have a show to do!" Wasabi?!
Anyway, the market hit the skids on the earnings news as was indicated this morning by a weak futures market and as Toddo has said many times, when the market is in one direction for the day, it tends to close that way. I can't tell you how important it is to be reminded of those things as emotion heats up. And believe me - emotion is heating up. The S&P 500 is right in the middle of the trading range that we have been discussing, which means the best bet is to not press either side. There is a three-day weekend coming up and who knows what will happen on the geo-political front during that period.
What Toddo did with his metaphorical costume makes a great deal of sense. This week's news was mixed, the market is in the middle of the near-term trading range and the overbought condition is being worked off. At the beginning of the week, the news was too optimistic, the market was at the upper end of the trading range while becoming very overbought.
Standing aside given recent action to listen to the market instead of telling the market where it should go allows for perspective. I can't tell you how many times in my career that a day felt like it were the beginning or end of the world, only to look like just another day in hindsight.
Have a great weekend.
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