The Big Picture For The Week of August 28, 2005
Hopefully this will be a quiet week, writes Roger Nusbaum. Supposedly a lot of people will be on vacation but there is a lot of potentially market moving economic data. I still think there is support for the SPX between 1190 and 1200 which very close to the 200 DMA, gulp. I hope it holds.
The yield on the ten year treasury just went below its 200 DMA. Over the years the 200 DMA has been relevant many times so it may be a little while before the curve gets a little steeper, if at all.
If things really hit the fan here I plan to take some domestic off the table, add a little foreign and increase cash. I have not decided, yet, which domestic names I would come out of but I might be able to effect big changes by selling three domestic names and buying one foreign. I am not expecting to have to do this but I will have a plan in place in case I am wrong.
Changing subjects; there has been a lot of attention devoted to Greenspan's legacy at the Fed shindig up in Jackson. I don't care about this stuff at all. Dwelling on how good or bad he has been does nothing to help me manage money.
When his term actually ends we may see real news take a holiday.
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