Mark, that's what Jesus said, The first shall be last; however, you are jumping into a conclusion as if we are in Dec 2008. The game is not over yet. I sent you an email that I am not so bullish in 2008 when you published a commentary on "the best top 10 market timers are bullish" as I noted that I need to see better market breadth to be bullish. Since then, I expressed my reasons for being bearish since Oct 2007 top with a note of being flexible during 2008.
However, I am not a bear who is a part of a big-bad-perma-bear-dark-side-group.
Recently, I noted Markets are showing "Diamond" formations on SPX and DOW; and after the Friday action, big bad bears are having a life-time party saying, "It's their world".
So, Mark, now, bears are screaming that they won, WON the 2008 game. Again, I am not a bull here; but, am making a comment that you are suggesting that all big bank brokerage firms are wrong. Remember, with big cap actions, it is not so difficult to take market to SPX 1600-1700 which I posted technical analysis several months ago with long term view charts.
Now, big bad bears are saying, "Diamond" break, excuse me, I posted the technical analysis on the diamond formation with LT analysis on 12/23. Now, entire bears are jumping on "It's my world, the big evil bear slaughter camp", like what we have seen on Friday.
The 12/23/07 market analysis is one way, "not" the way of market will be unfolding, so the 2008 game is not finished yet.
Markets are still at LT TL support which I will post charts with comments when I get a chance later; however, breaking the lower TL support is not a good sign; unless of course, the almighty Fed can support the market! Instead of playing the big evil bad bears like what we have seen on Friday.
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