Does The Stock Market Have A Bloody Nose?
From monitoring the market's vital signs as of this morning, the performance projections have suddenly and quietly changed for the worst. The one month chart projections for the Dow (38%) and S&P 500 (46%) are weak to say the least; thats not the end of it, the two month charts are a close second (22% ,53%).
It's as if the market's public beating hasn't quite mended, only to be followed by a couple of brazen chums named mugs and jugs in the midst of the night ransacking the market's jewels and giving it a bloody nose to remember them by.
The one-two punch may lead to sub-par performance relatively to its robust record since November of last year. By the assessment of the damage, it seems the market will be in better health after couple of months. Just a reminder, the year end projections for the Dow and S&P 500 are still bullish.
Update: It's obvious now the market has a bloody nose, in case you are not aware, this was written 2:30 in the morning before the market opened.