“The jury is still out.” That legal term has been a headline for two centuries. In the 1940s, its usage morphed to a broader reference factual findings of all types. We will apply it to the stock market today.
The jury is still out but the evidence keeps coming in.
For the last several months, we posited that the August 8 bottom of the S&P 500 Index at the 1100 level was a robust selling climax. Whether it was an interim selling climax or a final selling climax is unresolved. That jury is still out.
The selling commenced at the beginning of May. It accelerated sharply to the down side at the end of July and into early August. The reasons that caused the sell-off are history now, and discussion of them is redundant.
Read Full Article »