Wait And See Market


That path of least resistance is down as very few appear to be in the mood to buy.  Tim Knight compares the day’s action to “Fog”.

With almost everybody now forecasting or believing we are in a recession (“Economists Raise Odds Of A Recession to 49%” (subscription required), The Wall Street Journal, Thursday February 7, A4) and most technicians looking for a retest of the January lows (“Testing Time For The Market” (subscription required), Michael Kahn, Barron’s, Wednesday February 6; “Looking For The Retest”, Charles Kirk, The Kirk Report, Wednesday February 6, 9:10am EST), it’s just kind of a wait and see market.

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