Cubefield Game

Last report we stated data "now indicates a flat or neutral market moving forward." The morning after that report was released the Dow was at 11,204. The market closed today 277 points lower at 10,927. The market did remain range bound (between 10,991 and 11,167) for most of the week, realizing a strong negative move in yesterdays trading. The investor confidence reading, having been run last week on Thursday and Friday, moved 3.2% higher to 50.8%. (If that survey was run today we (more than likely) would have seen investor confidence drop. We'll need to go back to our 4/2 reading indicating investor over-confidence (overbought market) as this may been 'the' sign of yesterday's market correction (if it can be called that.) Without clear direction in the recent data we'll remain side-lined and continue to look for a flat or neutral market moving forward. Read the rest of this entry »