August 14, 2009

Bull Market Blues


As I'm writing this, the Dow is down more than 140 points but never mind, I'll go ahead and make my point. If this proves to be a major top, this post will be very funny in retrospect and I'll have a good laugh at myself.

My point is this: some people, blinded by their political views and ideologies, are hating this major rally (I'll be bold and call this a bull market). The irony is that, from a sentiment point of view, the angrier the so-called smart money gets at this rally and the longer it sits it out, the greater the odds that the market will keep marching upward. As a fellow technician said about this bull market, if it looks like a duck and quacks like a duck, then it's probably a duck.

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