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Strategies & Market Trends : John Pitera's Market Laboratory

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John Pitera

roguedolphin

To: John Pitera who wrote (15858)	4/25/2014 11:20:31 AM
From: isopatch	2 Recommendations of 33421

Roger that. Major tops usually take time to form. Gradually FED tapering is one factor for this one. Another is the additional time it's taking insiders to find enough bag holders to complete the distribution process. Hulbert wrote about heavy insider selling in December and has been criticized by some for being too early after he emphasized it again in a later letter, perhaps a month ago. Not a big Hulbert booster nor a subscriber. Just calling attention to something I think some of our brother analysts are missing. There're far fewer people to sell to since 2008-09. The ranks of retail investors whether they participated thru individual accounts or managed funds were decimated by that Bear AND...The rapid decline of membership in the great American middle class then and the years since. IMO, it's reasonable to expect a major top to take longer to form than was the case in most prior cycles. As your charts show, this isn't an "umbrella" formation, ala 1976, but it's clearly taking longer to form than consensus expectations. Ah, the joys of contrary thinking..) Iso

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