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Earl wrote:
> Based on private emails I've received,
> I'm not the only position trader who has been seeing good setups go
> nowhere or break down for the past couple of weeks.
> Bottom line is that I find myself out of tune with the market even as I
> do my best to follow its message.
Nice to hear I'm not the only one. :-)
The equity markets have been almost asleep since 6/1. We've been in
a fairly tight range for 11 trading days. You'd have to go back to
last September to find a period this dead, though the daily range is
still a bit higher than it was then. The market is moving slowly and
gradually, like it did last year.
It's hard to tell with only a few weeks of data, but it feels to me
like it did before everything started going haywire. I wish I knew
if it was going to STAY this way.
Why is it doing this? Maybe enough of the crap-shooting speculators
and day-trader wannabees have been shaken out of the market by the
recent downturn. Maybe the Fed's tightening is starting to have an
impact. I dunno.
Earl, could a phase change like that, swinging back to more "normal"
market behavior, throw you off like you're seeing?
Gary
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