short-term

it really seems as if a whole lot of coverage on TV is extremely short term and not particularly useful. Just now they had a little snippet on CNBC where they said "S&P up 5% this week -- NASDAQ soars 7% this week." While that's true I have no idea how this is supposed to be useful. S&P was flat last week and the week before and was down essentially 5% the week before that and flat the week before that. In face, if you look at the graph, the S&P has been range-trading since beginning of December (range between 800 and 900, which admittedly is a 12.5% range. Ha, and right about now someone on CNBC talks aboutthis being a "bear market rally." I don't see this as a rally, I see this as the up and down and up and down along a flat line.

I stand by my earlier sophisticated technical analysis (see here, same graph as above). The S&P has been range-trading since December and barring major developments will probably continue to do so. It's only if it breaks out above 900 or below 800 that I will revise this view (from a technical perspective.) This, btw, is the theme we call "break-out or crap-out" internally.