“THE MARKET HAS COME A LONG WAY in a little while. McMillan Analysis pointed out Friday that the Standard & Poor’s 500 was three standard deviations above its 20-day average, which tends to portend at least a short, sharp reversal.
The publicity-shy investment pro known here over the past couple of years as the “mystery broker” came into the year a nervous bull, long stocks but keeping the market on a short leash as he awaited confirmation from the tape to determine if it remained a bull market. Those criteria of cyclical, risky-stock leadership, mentioned above, have checked out, yet he’s tactically cautious.
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