Conventional wisdom seems to be that '04 will be somewhat range bound (+/- 10%) and not many people are looking for a vicious move (either way). I continue to believe that the conditional elements are in place for a nasty melt (at a point). The bull case, as correctly pointed out by Professor Reynolds all of last year, is that the mountain of debt has been "rolled" out and, as such, the Minx has bought herself some time.
The S&P has been up six weeks in a row. Don't be shocked when that streak comes to an end.
A customer bought 5000 S&P March 1005 puts (around 11:20am).
The percentage of stocks above their 200-day moving average is 92.6% (highest in almost ten years).
NDX 1465 is first support.
The dollar/gold action will be seen, in hindsight, as a major warning signal.
Brokerage stocks are startin' to roll a bit.
