I follow you around but you can't see
You're too wrapped up in yourself to notice
So you choose to look the other way
--Madonna
My eyes are starting to migrate to the SPX as the action takes on a heavier feel. Technically, the uptrend off the early June lows is still intact. The 50 day MA provides a good proxy for the support line.
Today's heavy close puts the index 10 or so handles above support level. Should the index challenge SPX 1430, would think we'll see some concern among technicians.
position in SPX
Tuesday, October 9, 2012
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1 comment:
That the stock market is up 16% this year (on track for the best year since 2009) with earnings contracting underscores the major success of Fed policy in 2012 — managing to deflect investor attention away from negative profit trends and towards its pregnant balance sheet. So welcome to the new normal: the Fed has managed to negotiate a divorce between the economy and equity market behaviour.
~David Rosenberg
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