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The gloom over Wall Street in recent days has prompted lots of commentary from analysts trying to make sense of the markets. But for one analyst, a single word did the trick on Monday: "Sell." That was the content of a research note that Carter Braxton Worth, chief market technician at Oppenheimer, sent to clients on Monday morning. No elaboration, no qualification. Just, sell.
"We have no new thoughts," says Worth's note.
Investors have been on edge since Wednesday, when Ben S. Bernanke, the Federal Reserve chairman, described how the central bank would reduce the stimulus it has pumped into the financial system. That set off a wave of selling around the world. The jitters continued on Monday, with the Standard & Poor's 500-stock index down 1.2 percent. "I was trying to be as emphatic as I could by just being terse," he continued. "There's an expression: exaggeration weakens argument."
©2013 The New York Times News Service
