actio-et-reactio
Balance is but a brief transition between extremes.
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Thursday, January 10, 2002
There, now that we've popped the champagne, eaten everything in sight, and are wondering what's next, on to the commentary!
Gravity asserted itself dramatically yesterday, with a 3% intraday whoosh that put a fright into the bulls. Nevertheless, the brakes engaged and the daily chart action continues to form a complex side-trending consolidation. Ellioteers might throw ABCXABC soup at it; however, I am EW clueless, but it clearly looks conjested and building for
something.
Greenspan speaks on the economy this Friday and the more dovish FRB members have been softening the pitch for what is likely a rah-rah-economy-is-sound-but-we-remain-cautious speil.
There are a number of January Effect studies on my Public List, which I will update through the end of this month.
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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