"One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people, always have to be playing: they always have to be doing something."That's good advice. The reasons are may as can be seen on the following chart of the daily NDX (Nasdaq 100). We are approaching a double top situation with the price level and the price is running in rising wedge channel deemed to be bearish. However, nothing has happened so far. Longer time frames are also holding steady or moving slowly sideways. I chose the NDX because it is moving higher but before you get too excited the only stocks driving it are Apple and Google. Not a good sign.
Jim Rogers
The lower windows on the chart are momentum indicators and for the most part are rising but starting to wane in strength. This week's big to-do about the blow off expectations for the jobs numbers was a real dud and fell more in line with the expectations which left the market gasping for breath on what to do. Mostly nothing.
The Ides of March are coming and we should see a little action this coming week if Bernanke's pontifications at the Fed Meeting don't include some positive reference to a possible QE3. Most forecasters now seem to feel the Fed is done easing unless the White House needs some pickup in their rating numbers before the election.
Investing plans should be on hold at the moment until it is clear which direction the market is going.
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