actio-et-reactio
Balance is but a brief transition between extremes.
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Monday, July 01, 2002
Comments for the first week in July
Chart action not suggesting "big" action up or down.
The major trend in both the NDX and SPX continues down with price having lightly touched the 8d MA and closing on the lows, which suggests a bit more down this week. Having said that, apart from the ever-present "exogenous event", there are signs of bottoming, ie, building a base as we drift sideways, albeit one still biased towards more down than up.
The SML, on the other hand, looks a bit stronger as it moved just above the 8d MA with a positive close. Remember, however, that the Russell 2000 experience "rebalancing" last week which created more action than usual.
Amazing, the first half of the year is now behind us.
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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