Today stocks closed at record highs notching the 47th new high for the S&P 500 and 30th for the Dow Jones Industrial average this year. To say its been a rough year for the bears would be an understatement. It's been a terribly tough market to successfully short, as each dip gets swiftly bought.
Last month the Bears were pounding their chests claiming the top was in.... oh boy were they ever wrong. Since the Alibaba BOTTOM stocks have soared and we've had the V bottoms of all V bottoms.
Over the last 5+ years how many bearish charts, how many comparisons to 1929, how many tops have been called? How many times have we heard this market is a bubble? Is 'frothy'. We are headed toward another market crash?
I'm with ya! I don't like all the Central Banks manipulating asset prices higher. I do think down the road the whole system as we know it is going to derail. But we all trade to make a profit and certainly anyone shorting/calling a top in this market isn't making money.
"I'm telling you Linda the stock market is going to crash again. It's going to get real ugly. It's going to happen at some point between now and then, or maybe not. I was right in 2008 and I'll be right again"
"That's right Linda and I write books about it. Thank goodness for that.... and I got a website too... the advertising revenue is great when you run a business scaring the shit out of people on a daily basis."
The S&P 500 has broken out of long term consolidation. Where it stops.... the top callers will get it right at some point.