Ritholtz: Stocks – trapped in a trading range
Stock markets have improved handsomely over the past three days, notching gains for four consecutive days and registering the first positive week since early August.
Will the rally have legs, or is it merely a bear market bounce?
According to Yahoo Finance – Tech Ticker, The Big Picture blogger Barry Ritholtz is taking it slow, “legging in” to test the waters. He is of the opinion that the S&P 500 Index is in a trading range market right now, with key support at 1040.
“We’ve traded down to that a dozen times, and you see on the chart that every time you hit that, we’ve bounced off of it. People think of September as the dangerous month, but when you have a real bad August, maybe it anticipates it and washes it out of the system,” said Ritholtz.
Source: Yahoo Finance – Tech Ticker, September 2, 2010.
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