Ja'nus: Early Roman god of gates and portals, represented by two opposing faces, suggesting the two sides of a door. Janus symbolizes the two-sided nature of things.
Winner of the 2003 Charles H. Dow Award, Gary brings 35 years of market experience to this series. Equity Portfolio Manager, his weekly commentary, is read by an international clientele of banks, mutual funds, hedge funds and financial advisors. Gary has been featured in Barron's and, his work has been published in Technical Analysis of Stocks and Commodities.
Traders alternate between two modes. At times traders exhibit trend-following behavior. Relatively strong stocks are favored, while laggards are sold or ignored. At other times, the reverse is true. Traders-in-the-aggregate turn contrarian. Profits are taken in stocks that have been strong, and proceeds are redirected into relative-strength laggards. This paper presents the market as a system of capital flows reducible to the effects of traders' Janus-like behavior.
