The legions of zombie Technical traders is reminiscent of the scenes in Will Smith’s Legend that take place near NYC’s Grand Central Station. Oh rest assured, these zombies are not your garden variety. They are indeed smart individuals. They read the best blogs with a fierce intensity. Oh, and do they read a ton of them!! How do I know? Many of them were once twitter follows of mine, and they made sure to fill my feed with every link imaginable: CRE downfall, Ghost Ships of the Baltic, Regional Bank doom, male pattern baldness, and my fave, ‘Even a Monkey can Short Stocks’. Yep, these are the same folks that assured me a retest of the lows was in order. You know, the DJIA 2000 crowd. How did that trade work out? Better known as the price of Gold will cross the Dow at some point.
I see you with your charts of 383 B.C., 73 A.D. (The Vesuvius Dip which was followed by the Rally of Augustus years later), 1933, 1938 and 1993. You are so desperate for finding answers to market direction that you look for it in historical charts. It amazes me how even professionals have such a terrible feel for market timing. This is not the making of a top, but a correction. A digestion of a glutinous rally. An October scare is what we need to propel this market into year end. Until we get a blowoff move the bull is intact, so stop trying to poorly time the move. Sentiment also is not what we see at tops. Tops are strewn with calls to buy, not calls for the ‘Return of Armageddon’. Well, I guess that is why I am writing this blog now. I don’t miss moves like many pros do. I also don’t anticipate turns like they do. I don’t have their egos either. I want a market that is a layup for me. You can have the Verduns, Guadalcanals, and the Hues. Admittedly, this isn’t an easy moment here. Oh, and, make mine Desert Storm.
Take a load of your feet, and watch this market video from my new show: ‘The Big Top”. Also, now available on by clicking here at itunes as well! Giddy up!