Unbridled optimism on Wall Street in 2013 has morphed into caution and indecision in 2014, driven by the worst winter the nation has seen in decades.
Economic data coming in over the past six weeks from housing, employment, manufacturing, shipping, and retail sales have all been disappointing to say the least. But for now, Wall Street is in a Deep Freeze and appears content to blame it all on the weather.
Granted, some of the poor performance figures will prove attributable to the weather but I hope Wall Street is right on this one. Otherwise the spring thaw may bring a flood of investors heading for the exits.
January brought us a minor decline in the market followed by a partial rebound in February. The market is currently moving sideways with a negative bias.