The up-then-down days of August went up today – the fourth direction change in nine trading days. So far this month, the market has moved higher four times and declined on the other four days.
Further, today’s pattern -two consecutive gains for the NASDAQ and one advance for both the DJIA and the S&P500- as the diagram illustrates, occurs without any discernible constancy over bear and bull markets.
Meanwhile the Fed’s officials continue their contradictory comments. Today’s, from the Atlanta Fed’s president, projects further easing and postponing any decline in bond purchases. Yet, interest rates on the ten year Treasury bonds are moving higher, though in small increments.
DJIA .20 percent
NASDAQ .39 percent
S&P500 .28 percent
