Folks,
Where are the pundits on this thread?
Lots of people for several weeks have had very clear opinions about where the market was going, short term, and long term. I would say the bear contingent had a consensus that the market peaked in July (or April), that the post-July 20 selldown would temporarily bottom in a rally of a few days or weeks that would take us part way back to the highs, then the market would break down from there. We've had reference to 1987 and 1929 charts, detailed discussions in a mysterious language about "wave A.1.C of this cycle" ... in short a great deal of conviction about what people were seeing, both in the current data, and in their expectations for the future.
It seems the single net issue on this thread at this time is are we in a correction in a continuing bull market, or in the early stages of a bear market. Despite our informed (or uninformed opinions), no one really knows for sure.
Given the importance of that single over-riding issue, I think an interpretation of the last two day's upswing in the NASDAQ and R2000 is in order. I'm not asking because I have any answers ...
All of you confident folks out there, all of you folks who know how to read the charts, what are your tea leaves telling you? Is the rally of the past couple of days consistent with a sucker's rally in the early stages of a bear market? Or is it consistent with a big move off of a significant bottom?
Where did all the pundits go?
Peter |
