The short sellers, far too early to the water, have received a surprise blast to the chest today as the melt up defiantly continued from an early reversal. Many of you had been expecting that inauguration day would be the mark, in hindsight, of the top.
Then this pony kicked you in the throat.
We are not done going higher. Diligent reports delivered to the 9th floor, contained in secret manila envelopes on my desk, detail that we will be making new highs by mid-February.
Short seller capitulation is demanded by the longs. Profits must be extracted by pain. Scott Bleier’s theory of retail market allocation is in full effect here – anyone leaning against equities here is eligible to have their spine broken in twain.
Only real numbers being reported will stop this freight train. Nobody cares about disappointing economic numbers because CEO guidance remains high. Thus, CEO’s have a few more months to deflect trouble and keep their heads down. And there is nothing that can get in the bull’s way.
3 Responses to You Can’t Disprove Guidance
next 50SPY points will be down before up
I don’t know if that’s how irrational exuberance works, but we’ll see.
buy MXAM – huge news announced today