actio-et-reactio
Balance is but a brief transition between extremes.
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Monday, January 28, 2002
home on the range & RANGE
What I find interesting at the end of today are the three narrow doji-like candles formed on the SPX and COMPQ, while the DJIA has had wider range days with a modestly rising trend. A move to the ridiculously named "defensive blue chips"? Perhaps. But a look at the declining volume on the DJIA makes me lean a bit more towards a sell off building towards the much anticipated Greenspan/FOMC announcement on Wednesday. While players are by now nearly uniformly sure that "no change" will be announced, how the market will react, short term and longer term, is not so sure due to the Nasdaq narrow range.
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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