September 9, 2015

Observations on the market

-    A pattern of "lower highs and lower lows" remains in place.

-    There's a clear demarcation line between the business media's degree of enthusiasm today vs. previous periods.

-    I personally can't feel as glum as they do, nor can I continue with my previous level of ursine view in light of the 200-handle S&P 500 drop that we've seen over the last seven weeks.

-    Monday's U.S. market holiday -- combined with the fear of open Chinese and Japanese markets then -- has likely led to investor angst today and could be exacerbating trading weakness.

-    Most commentators are downbeat now, with only the perma-bulls remaining bullish. I view this positively.

-   The risk-vs.-reward quotient for stocks is improving -- perhaps measurably -- coincident with lower prices. Values could be finally emerging, but the technical and price damage has been immense.