We woke up to a Monday barrage of ALL the major media telling how great we are doing thanks to the gains in the stock market. Bloomberg, NYT, WSJ all got the memo…
The recent market action WAS the blow-off top to the 14 month trend that began in March 2009. It was as lopsided as any time in history.
There. I’ve said it.
They’ll be bounces and volatility. But the silly folks who say to just follow the trend have been given a wake up call…I highly doubt that this will have been a one-day wonder…
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Looks like you’ll get your correction finally although tomorrow needs to confirm.
I pulled in all my spec trades and I’m just left with the original core positions.
Silly has been profitable for all but the last week, no complaints here.
It is one great lesson in Bubble 101….can’t wait to see what China does tonight…will there be dip buyers/help from Govt? We will see.
TA has been dishing out the most consistent message on this web site for the last two months, follow this trend until it ends.
Scott has been warning everyone about a pullback for over a month now, missing out on a very nice move.
Who’s more silly ?
Scott has owned his core longs at lower prices. Scott has not played the daytrading game.
TA is very good at the very near-term. But most have a longer time frame and cannot play the day game…
Oh, and for as good as the last month has appeared to be, in litterally one trading day the SPX is now at the prices set on April 1st…Poof!
who cares about missing out on a move.
Scott is just doing great.
I couldn’t agree more. Scott, fantastic to have you here. Thank you.
TA and Scott both know that there are multiple ways to skin this cat called the market.
Scott, Well said and I agree. J’s comments earlier today about the exposure of the Euro banks to potential defaults of Greece and others was spot on. It seems everyone is “worrying” about the possibility of a double dip in the US when the real problem is elsewhere and not priced into the market.
Scott, didn’t you also think the market would spend the next few years consolidating between 9500 and 10,500? Could it be we have entered a brand new bull market, which began March 2009? Bull markets don’t begin when everyone has a rosy outlook. Too many “experts” are still overly bearish.
Thanks.
In cash now, suffered a 2% correction. Will wait and see.
Out of China last night we got 15% GDP data, nice try China Govt….Shanghai Comp still closed down, not by much, but still down…….
It would appear that the Chinese are the masters when it comes to skinning cats.