Monty: It's true that I've been woefully behind the curve. I ask myself why I wasn't buying everything in sight last week, and all I can think of is stupidity. Grain alcohol probably played more than a small role, too. (In fact, I'd invite it on for a small thank you speech, but it isn't coherent, as usual. It's just weeping, because of all the missed buying opps. last week while it was wallowing in the gutter.) And I shouldn't have put Maria on mute (by tossing the TV out the window).
But seriously:
Interestingly enough, John Bollinger is on CNBC right now, saying that the Coppock Guide gave a long-term buying signal in February. He's pointing to parallels in '74 and '82, and calling it a major signal.
My own foolish indicators show that there's still far too much complacency. The Naz could test the 1730-1750 area , and the Dow could retest the 50 SMA at 10,091, or the 200 at 9988. Which, of course, is saying absolutely nothing, because both could test all sorts of levels. But I thought I'd give this stupid note a professional touch and offer a subscription rate for more of the same. ($999 a week, with no performance reports.)
Oh, regarding the perma-bull buy-and-holders: They always vanish into the woodwork during unanticipated periods of market "consolidation." They're skittish -- but paradoxically, dependable. |
