No chart today - no need to. Today's action was just like yesterday's, and the day before, and the day before that. In fact, we now have five straight days of nothing going on here. What does it take to get this market off of top dead center? I went back in the daily Dow charts for 10 years looking for other instances of such trend paralysis. I found a half dozen or so. The interesting point is that none lasted more than six days. Tomorrow will make day six of the current gridlock.
In the meantime, I was wrong two days ago about yesterday, and I was wrong yesterday about today, if you can call a 2 point loss against a call for positive action to be wrong. So I give up. I now officially cry "Uncle" and step to the sidelines where I will await our fearless leader and his Keystone Kops Kongress to make up their minds about income taxes so the rest of us can get on with our lives.
I have absolutely no idea which hat to put on tomorrow. The only bet I'm willing to make right now is that I give it one more day (that will make the magic number of six) to resolve this statsis one way or the other.
Today, I welcome Himax, HIMX to the Low Price/High Yield portfolio. I paid 2.10 for it and it's yielding 12.1%. We'll see what develops.
A summer reading list
11 hours ago