Bullish mania is running rampant in Pundit-land – at least it was until last week. Human nature, being unfixed probably in millennia, compels most to find easy-to-digest rationalisations for what has just happened. And since June, what happened was the strong share rally off the
I believe last week will go down in history as the week that stock indexes rolled over into long term bear markets. That marks the end of the Great Asset Mania. The world is entering a much more conservative phase where rampant speculation will no longer be rewarded. And savings accounts will be treasured, rather than shunned as they are today.
In a reverse of Alice in Wonderland’s fall down the rabbit hole (read the book again or see the Dsiney film – they’re great!), Disney shares rocketed yesterday with the news of its new streaming service with rival Netflix going the other way. Incidentally, I
Last time, I outlined the price levels in the S&P (and hence in the more popular Dow) which defined the limits I placed to determine the start of a new trend. And in fact, these levels have been remarkably accurate and useful in setting trades.
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I half-jokingly posted the Barron’s 30,000 Dow cover as an example of the over-reaching and unrealistic manic bullishness of sections of the media towards the stock market – and total belief in the Trump Bump. But last week’s strong performance has wiped a little of
