Permabears should be thrilled to know that the SPY (S&P 500 ETF) has now surpassed its high water mark carved out at the market peak in 2000. All this talk of a bear market bounce and the inane shorting each time the market makes a new high just goes to show how deluded this group of economic pessimists is. Eventually they will get it right, but by then they will likely be out of money and won't be in the position to take advantage. Either that, or they will have been won over to the bullish side right before the market starts to run back down the hill.
In any case, the market players have once again grown overly bearish after yet another weak Monday. This sets us up very nicely for another possible turnaround Tuesday.
2 comments:
hahahahaahhaha.. sorry, I just couldn't help it.
Yes, we were left with egg on our face after looking for a bounce yesterday. With 99% of all stocks in the market selling off, we suspect a lot of omlettes could be made off poor bullish calls.
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