The perversion of honor and dignity is an ongoing process on Wall Street, where talking heads constantly switch sides in order to create the illusion of being right. McClellan has been in the bear camp for some time now; but everyone changes and it is time for everyone to buy stocks again.
BEHOLD.
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Interesting. I see he’s only bullish for a few weeks, saying the long-term bottom will be in October.
I hope the market slaps him in the balls tomorrow (extra best scene ever in Casino Royale)
Although it would come at the expense of my portfolio.
I doubt that he cares whether he is right on any particular occasion. He’s a chartist and newsletter writer. He may not invest himself. And a lot of market newsletter writers make money even if they are wrong more often than right. I don’t know McClellan’s overall record but people who follow him claim he called the top last year. Seems like all these newsletters are right sometimes and wrong sometimes. No one has a crystal ball.
With all due respect to Dr. Fly — and much is due — I don’t see this as all that different, if at all, from Dr. Fly’s position.
Dr. Fly: overall bearish for 2016, long right now for a bounce due to OS signals given by Exodus
McClellan: overall bearish for 2016, long right now due to OS signal given by his oscillator and, perhaps, other stuff
Basically, CNBC is saying he’s “changing his tune,” but it sounds to me like he’s just saying we put in a short term bottom in an overall downtrend. I don’t see that as changing his tune.
Well, he called the august top almost to the exact day if i remember. Getting bullish way down here isn’t necessarily going to earn him a silver star or anything/ I’d expect many looking for a bounce.