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We are on our way to our Sunday show at WGY and one thought keeps coming into our minds. Americans, as a people are bad waiters (no, not the kind that bring our food at the restaurant).
This market is testing our resolve here.
Its funny, you see folks reading books at train stations and doing crossword puzzles at the airport but a little sideways movement and investors are convinced the market’s demise is near. We, as a people, have more patience with a delayed flight than a “boring” market. Patience is a key element to success here.
The SPY (etf for the S&P 500) closed on May 9th at 92.14 and Friday (6-29-09) at 91.84. Over this almost two month period, the high has been 95.08 and the low 88.68. This is an extremely tight trading range for a two month period.
Our best advice is to grab a book, paint a room, get some exercise but don’t folllow the market too closely here . The daily lack of gyrations will increase the chances of a mistake for those who are obsessing over the market. Its funny, investors kept saying “this volatility is killing me” last fall. Quite frankly, we are enjoying this respite believing that by late 2009 early 2010, the market will be higher.