you can always tell when someone is nuts when they quote themselves, like lithium capital did above. this has nothing to do with me, lithium, this is all about YOU meeting Charlie Dow. and if you wimp out on meeting him, you will be forever known as the biggest wimp and loser ET has ever seen. of course, i'll just keep posting Charlies offer endlessly. This won't go away. sorry, lithium.
yes and my point being that it was obvious to many, so how come this guy is soooooooo late to the reality -- it is rather funny imo.
Macro, Joe Battipaglia is the inverse of Michael Metz. He has been a longstanding bull, and you are correct, it is truly funny that he has now finally thrown in the towel in his bullishness based on many issues that have been obvious. Cutting his conservative accounts from 50% to 25% equity allocation and risk-tolerant portfolios from 85% to 70% at this point and time is pretty amazing, given his daily bullish rants on CNBC. As others here have pointed out, it could very well be a great contrary signal.
What floored me was his 15% allocation to gold. We'll see how this call works for his clients - that is, getting them defensive on stocks as they've moved down and going long gold as it's reached 17 yr+ highs.
What can you say . . . History does have a tendency to repeat itself. Technically, he should have stopped himself out of the market and/or lowered his equity portfolio exposure when the SPX broke the previous lows at 1201. Yet, he acts as if the reasons that he gives for his change in his bullishness on the market were not apparent until now. Absurd. By the way, the S&P is trading real well off the pivots. 1172.20 having been the first support level today, and seeing a nice bounce back up to the pivot at 1183.60 before fading once again.
James "vishnu" Altucher This Market's Dirt Cheap 10/13/2005 7:54 AM EDT A discount is one thing, but right now the market is baking in a depression. Anyone with RM sub care to summarize the article?
Been trading today above the ES PIVOT of 1178.10 for the entire session. Also have pushed above R1 at 1184.40 and have put in a higher daily high. First time we have seen this kind of action since the peak on Oct. 3rd. R2 at 1190.80