Serge Berger is the head trader and investment strategist for The Steady Trader. Sign up for his free weekly newsletter here. First off, a little cautionary note: On average, the last week of August is slow going in the stock market. The key word here is “average,” which certainly doesn’t make it a rule. As we have come to learn, anything can transpire in a centrally planned market, and thus, we would be wise to remain on our toes even in this last summer week of 2012.
Since the lows in stocks in early June, much has been thrown at this market, but almost nothing seemed capable of moving the tape more than a dozen basis points lower here and there. Even last week, as the S&P 500 had its first down week in six (a whopping 0.4% loss), stocks rallied on Friday to recoup some of the week’s losses.
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