Jan

16

What have we here. Like an opponent who keeps hitting it to your weak spot over and over again, and beating you, and refusing to give up on a winning day, for the ninth day in a row the market is within a few points close to close for 12 of the last 13 days. And the only day it was up big, it closed just 3 points above the open on 1/10/2013. And we haven't had a decline of more than 3 points since weak longs were wasted out on 12/28/2010. You have to give the mistress credit. One notes that even a 3% decline in the Nikkei yesterday was not enough to overcome the resilience, the indomitable upswing from 1384 to 1457 in 12 trading days of the S&P. What else do we have here. One notes that there has been a run of 12 days without a decline (of a 1/4 of a % or greater than 1/4%). And its only happened like that for 12 days without sustenance for the bears just on 5 occasions since 2007. The expected moves after such hiatuses are neutral to positive for the next 8 days. There was just one occasion where the market went for 21 days without a decline of at least 1/3%. That was followed by a big decline of 1%. Hats off and hold all tickets.


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