actio-et-reactio
Balance is but a brief transition between extremes.
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Wednesday, June 26, 2002
Wednesday notes
Quite a turn-around on the NDX today. In fact, somewhat similar to the 9/21 day in price-action character. The late day rally was ostensibly the typical FOMC positioning (Greenspan left things unchanged).
What is curious is that a seemingly narrow trigger such as the WCOM "fraud" could generate such a wide-spread response, meaning I still find the action a bit "manufactured". Perhaps enough for a short-term bounce, but a revisit to lower lows is IMO more likely than not.
Also of interest is the Accum/Distribution line on the *SPX*, which shows little relative distribution relative to the 9/21 low, especially when compared to the NDX Accum/Distributuion whose low was clearly lower.
Labels: market-calls-dated
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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