|Pop! No Top!
On the Way to Dow 10K?
by Michael Nystrom
What can we say? An email received today at Depression2 puts it best:
I've been very bearish for the past year or so. One thing though that I, or we, have to admit....we bears have gotten our ass kicked the last 7 months or so. Stock market keeps moving up up and up and that damn real estate seems to have no ceiling.
I live in Southern California (Orange County), the last 2 years, the price of homes have increased 3 times faster than I can save. Makes me want to kick myself in the ass thinking I should have bought a couple years ago.
Oh well, just venting....
Our sentiments exactly. We continue to remain true to our position that this is merely a bear market rally. A large one, yes. But like a stopped clock, our position is bound to be right sooner or later.
Today CNN is asking This Way to Dow 10K?
Awfully audacious, don't you think? Seems people are getting pretty optimistic. An email from a few days ago to this central clearinghouse of information relates the possibility of new highs thanks to a massive short squeeze:
I've been watching all the trading activity and an article
on your Web Site saying the top for the year is already in.
I think these guys are in for a surprise. This year the market
has been tracking the Bradley chart with amazing accuracy!!!
The Bradley chart is still saying we are going to all time highs
in June and that the market will start heading south first part
of July. Should be interesting to see how it all plays out with
so much short interest at these levels.
The bear camp is getting pretty lonely...