A lukewarm penetration of resistance…

Posted on Mar 20, 2019 by in Letters


A weekly chart of the S&P to lend context.  A bull market interrupted by two sell-offs.  Clearly manageable with a simple trendline.  Now in recovery with a new high just made.  Withal, the market not manifesting much enthusiasm and--just a short time until Brexit happens, or doesn't happen and continual uncertainty on the investigations in Washington.  But the market seems to shrug off developments in that political situation as though it doesn't care about rats, witches or blatant tax fraud.  We think that when the Trump  investigation breaks we will see all the volatility that didn't happen in this phase of the markets.

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