If I needed any confirmation that the market has NOT topped yet, this morning Marketwatch had no fewer than 3 articles as top headlines pointing out how the market had topped and how stocks are over valued. Call me a genius:
Everyone's a genius right? Geniuses? So a FED induced rally made us Geniuses... what did that make those calling for a massive pull back each step along the way? I'd much rather be called a genius then be just plain wrong. Since when is making money and being a genius considered a bad thing? Amazing isn't it? Those shorting and fighting this trend are......? Broke and dumb? But that's a good thing right? Genius and making money.... that's the worst thing in the world.
The same Marketwatch that is calling the bulls a genius today, have been questioning the bulls every step of the 200%+ rally from the lows.
We are two trading sessions removed from record high stock prices, it's amazing what two days of a pull back will do.
If you listened to any publication the last 5 years and their dire outlook for the economy and stock market - you wouldn't have put one nickel into the stock market. Heck if you listened to Jim Cramer back in 2008 and hid your money for five years, you missed out on the biggest rally of our lifetimes.
Tuning out the noise, the pundits, the publications, the talking heads, the tweets, can help keep you level headed throughout the peaks ad valleys of the stock market.
One thing doom and gloom does well??? It sells! The only thing missing from everyone's market top calls is a topless celebrity photograph.
"15 Reasons Why The Market Has Topped Forever and Never Seen Before Nude Photos of Scarlett Johansson"
A headline like that is perfect to boost the traffic to any dying financial prognostication web site.
So if it was so easy being long the market to record levels, why was no one calling for the move we saw over the last five years? Why was everyone continually bearish on the market?
Just like at the start of August, when the market was falling, the bears are out doing cartwheels. High fiving each other, basking in the glow of their perfect market top call.
Add Alibaba Top to the list of excuses to sell stocks. Every named excuse to sell stocks has been a great buying opportunity for us Geniuses.
The bears can have their 3% pull back from record high stock prices. I'll take the 25%+ move higher over the next 9 months.