I'm sorry, but today's post is going to be a bit bore-i-fic. Had we closed down, say, 100 points, I'd have more to say, but with a close of only 7 points off the Dow, it's clear we are still in the Price Range Purgatory that has become so maddening.
For the Russell 2000, which was rather weak today when compared to other major indexes, at least we're starting to "arc down." It's almost uncanny, since I am able to draw an oval that neatly matches the low prices that are being hammered out. It's slow, it's steady, and it's getting kind of tedious.
So we may be, for the zillionth time, having to brace ourselves for another bounce to the upper end of the range. The only big event this week (which is planned, anyway) is the jobs report on Friday morning before the open. Of course, the Obama/Clinton results late Tuesday night will be the big political news, but I'm not sure how much that would affect the markets. After all, it's pretty obvious that, barring a terrorist attack on the U.S., one of these (probably Obama) is going to be our new President, and taxes across the board – including, notably, capital gains – are going to go way higher.
Looking at the DIA's doji pattern – – the first I've seen on the DIA in quite some time – – strengthens the idea of a bounce tomorrow. Bummer. I was really looking forward to things getting mushy again!
The bottom line is that my portfolios profits went up huge today, and then sank back down to where they started. A total waste of a market day. So there's really nothing more to say at this point, since I'm exactly where I was at this weekend in both my thinking and my portfolio value. I'll see you tomorrow morning, when perhaps there will be more to discuss.
