As if I wasn't confused enough, I ran into a Heinz post from yesterday -- he thinks there's one more up move a-comin', either topping on May 29th or June 4th (two other turn dates) before we get serious down.
Unless this becomes a two+ day wave 5, wouldn't a top on Tuesday be highly unlikely?
Finally, while the fundies suck eggs, I would point out that not much has actually changed since the start of this current move up. The Jeffords issue isn't likely to impact the market much (gridlock = good vs democratic control = bad to WS), the BTB was horrible but again "the bottom MUST be in" and no one has put together that even if that's true, these companies are overpriced. Basically, the bet is still 5 rate cuts, liquidity, and a turnaround in Q4. Warning season should be mighty nasty, but no one is expecting Q2 to be good anyway. Etc. Etc. Anyway, while at some point I agree that the market will fall due to fundamentals, I am not as convinced as you guys that it has to be NOW. (Though I'll buy some token puts before I leave today :-))
And that is why they call me. . .
the freep (edit: the grubbin' freep) |
