Welcome to the roller coaster.

Posted on May 22, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p88150915824&a=214966864

Think the market is sure of itself?  Think again.  Today in conversation with Congress Bernanke hemmed and hawed when asked if he would tighten policy by Labor Day.  The market paniced and from up (Dow) 155 points finished the day down 80 -- a range of 178 points.  You could discount this a trader silliness or as HFT traders bolting.  Or you could look at the technical situation.

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