I'm not surprised to hear that Hal isn't buying into the mania.
In this market, lots of traders are going to be searching around for buy signals, I expect, to justify jumping on the bandwagon in an overbought, overvalued market. If they don't get buy signals, they'll just give in and follow the "upgrades."
While reliable services such as Moody's and Standard & Poors issue rigorous reports on companies, and even dare to downgrade ratings based on companies' finances (as Standard & Poors did with GM), some institutional analysts, some market shills, will continue to issue their meaningless upgrades.
Once everyone's sucked in once again, the bottom will fall out and the the market will move to lower lows, I suppose.
It's interesting to see that now that Monday's selloff is behind us, some bulls have reverted to their earlier prediction that the market will continue to soar in January. The revised prediction of a possible selloff early in the month seems to have been conveniently forgotten. One more bad day, or series of bad days, and the prediction will be revised again. At the bottom in September, so many of them had become decidedly bearish. Now, at what may be a top, they're resolutely bearish (or at least until the market falls for just one day). |
