Monday, February 1, 2010

Quick market update

I am reminded that I haven't commented on the market in a little while, so there it is: market's overbought oversold short term (only about 30% of stocks on the NYSE are above their 50-day moving average), and new highs still overweight new lows, so we're likely to see some sort of rally or trading range, but who knows. Longer term risks are still to the downside due to high valuations, complacency among participants, and underestimated economic and financial risks. And the same more or less applies to most risk assets, which do include gold and the euro.

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