How Choppy is the Market?
Since the start of the year, the market has been trading in a very narrow range, with multiple crosses over the 50 day moving average, a measure that many market participants use to gauge the intermediate direction of the market. There have been 27 crosses above or below the 50 day moving average since January with the market contained in less than a 5% range. This number of crosses has never occurred in such a [...]
2014: An Average and Abnormal Year
Looking Back on 2014 – an average year in some respects, decidedly not in others 2014 turned out to be fairly close to being an “average” year. The S&P 500 was up 13.7% and the Dow Jones Industrials were up 10.0% - a touch higher than the long term averages. This was largely our outlook a year ago, from our Jan 3 2014 Outlook: “In general, we are looking for another good year, but perhaps [...]