The trendless market continues plodding along. At this very moment, the S&P is trading where it was back on October 10th, and even though 13 weeks have transpired since then (and several lifetimes of financial history have been made during those historic weeks), it's stunning that we're still grinding along at the same level.
I've tinted my view of the range into which we seem bound, with a couple of outlier areas in blue. I think this helps clarify where we stand at the moment.
Maintaining a long/short portfolio is tricky, but to my mind, it's necessary. I am not comfortable committing myself fully bearish or bullish. This is a stockpicker's market, and as much labor as may be involved, hand-picking issues carefully satisfies the capital preservation (and occasional jumps in equity value) that I seek, even though it dampens returns on big up or down days.
