Knocking at the door… and speculating about what’s on the other side of it…

Posted on Feb 28, 2013 by in Featured Letters, Free Letters, Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p16768279576&a=214966864

 

After a paroxysm of fright occasioned by the emergence of the zombie Berlusconi from the political grave the market promptly recovered its senses and took back lost ground.  As we approach all time highs we naturally encounter resistance.  That is the nature of the market.  Highs and lows represent psychological barriers.  We often see prices back and fill at these points.  So maybe it wasn't all Berlusconi that spooked the market Monday.  It may have been partly fear of heights.

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