Wednesday Outlook: Caught in a Holding Pattern

Before leaving town the market had moved higher on some pretty flimsy “cherry-picked” news while ignoring some awful inflation news. Like I was saying yesterday, bulls will find a way to “spin” news to suit them. So they chose to ignore new highs in oil prices and headline PPI while focusing on the phony and laughable “core rate”. But, that’s the way things work sometimes. Headline inflation [running over 12% annualized] is just old news to them.


Spin Doctors in the lab

You might have experienced being a traveler trying to set-up your laptop in a hotel with their own wifi codes and passwords. It can be difficult but the degree of difficulty is compounded in a third world hotel. So I’m a little late in posting and this will be briefer than normal.

Trading volume remains light and breadth uninspiring.

click to enlarge



























































It looks like we’re going to make a posting despite all the technical and travel issues. But, we will not be posting tomorrow and hope to do so Friday depending on appointments.

These trading range environments on light volume can become monotonous. The key is to stay patient and disciplined.

Have a pleasant day.

Disclaimer: We have no positions in any markets highlighted.

Comments

[Scared Stiff]

Thanks for the great posts... going to miss reading you over breakfast while you're out.

[Russ Abbott]

Hey Dave, I too enjoy your posts a lot. I hope you continue to post as often as possible.

-- Russ Abbott

[David Fry]

thanks......

[YR Dog]

Dave,

I enjoy it to