Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Everything that appears on this blog is the copyrighted property of somebody. Often, but not always, that somebody is me. For things that are not mine, I either have obtained permission, or claim fair use. Feel free to quote me, but attribute, please. My photos and poetry are dear to my heart, and may not be used without permission. Ditto, my other intellectual property, such as charts and graphs. I'm probably willing to share. Let's talk. Violators will be damned for all eternity to the circle of hell populated by Rosanne Barr, Mrs Miller [look her up], and trombonists who are unable play in tune. You cannot possibly imagine the agony. If you have a question, email me: jazzbumpa@gmail.com. I'll answer when I feel like it. Cheers!

Tuesday, August 16, 2011

Tuesday's Market

The DJI and SP500 both gapped down at the opening, slipped a bit further, then vacillated around the early low for the rest of the day.  More sideways action, but now with a negative twist.  Closes were off .67% for DJI and .97% for the SP500.  Trading range for the latter was neatly contained within the support/resistance lines I sketched yesterday.  In fact, today's range and yesterday's are nearly identical.  But yesterday's action was in the top half of the range,while today's mostly wrapped around the middle and slanted down.  Everything, including oil and precious metals, was down today.  The only exceptions were Treasury issues, which are moving counter to stocks.

As a no-extra-charge bonus, here is some international perspective from Louise Yamada.

Bottom line:  We're in a world of hurt.


The Arthurian said...

Hi, Jazz... I have the impression that when Quantitative Easing created pressures, the economy let off steam by sending asset values (and stock values) up. Did you ever look at correlations between QE and the Dow?

Jazzbumpa said...

Art -

No, I didn't. Never even thought about it.

Hmmmmmm . . .