Dec 04

Sideways Movement is Not Fun

Posted by Kristjan Velbri | Posted in Markets, Video | Posted on 04-12-2009

BKX - RUT - SPXFrom the middle of November, the stock market has been very akin to a staring contest – nobody wants to be the first one to blink, but then again, nobody wants to go on the offensive either. The banking index and small caps have been weak for quite some time now but they are still holding on. In fact, their charts look eerily similar. Even Bank of America’s bailout return failed to spark enthusiasm among investors. Truth be told, the market has had quite a run-up from the lows of March, putting in gains of over 60%. The failure to make new highs and the lack of economic data to confirm the price level of stocks is quite worrying. The outlook is still pretty confusing and making any predictions without a clear technical formation is difficult.

I’ll leave you with this – a video of a staring contest from the BBC (comedy is one thing that the Brits are really good at).

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