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Dr. Kellegro
  • Sentiment Study: Bearish Sentiment Has A LONG Way To Go Before A Bottom 0 comments
    Jun 8, 2010 1:20 AM | about stocks: CPC
     
    Dear old Wall Street shill, Byron Wein, came out today and said “it’s time to buy stocks” based on some cherry picked data that is typical as we slide down the slippery slope that is reality. The Bloomberg article is here: http://preview.bloomberg.com/news/2010-06-06/bear-market-options-at-record-as-wien-insists-u-s-stocks-poised-to-rally.html

    It should be no surprise that Dr. Kellegro thinks of Mr. Wein as a carnival barking, buffoon. Being the mouthpiece for an organization like Blackstone, would you seriously expect for them to ring the bell for you and I at the most opportune time to buy? This is a zero sum game and Blackstone didn’t become the behemoth that it is by ringing bells so retail dogs can come to feed while we all get rich together…shangri-la…Woodstock and lots of hugs. Come on now folks!

    Anyways, it makes for a good article. And I’m sure these types of articles will get their moment in the spotlight as we continue lower.

    Let’s look at some real indicators of panic. If you pay attention kids, you will see that panic that marks major intermediate or long-term bottoms this is not…far from it, in fact:

    Total Put/Call Ratio

    SPX 50 Day MA

    Bullish Percentage Nasdaq

    I would be skeptical of a market bottom that doesn’t involve the always popular Nasdaq stocks vomiting up the waste of the retail carcases who live off the pleasure of riding their favorite gadget makers into a sea of  illusionary wealth. A panic in technology stocks is always a necessary component of a real market bottom. We’re a long ways away from panic amorcitos.

    Signed: El indomitable Senor Kellegro

    Tags: bpcompq, byron wein, cpc, nahl, sentiment, spxa50r

     



    Disclosure: None
    Stocks: CPC
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