S&P 500 looking very toppy

Romeo, would you say the top will hold until the end of the year at the earliest? Gotta give us a specific date, or these guys will be all over you when it breaks.

 

I can take all heat. And these "ET guys" silence now speaks volumes. I've made reference to the "ET regulars" silence, and it was greeted with more silence! To me, that only means i've been deadly accurate.

I've been waiting to be ridiculed for some time now, but my calls have been too damn good!

Many months is, well, many months. It's August now, so let's say at least until November for starters.

ps follow the above poll. Right now, the results are quite bearish, from a contrarian point of view.

 

I much appreciate that. You are right.

I did call for the Dow to rise to 9000, which was very much maligned and chastised all throughout, just as my "S&P looks toppy" call.

I guess history repeats itself!

Thanks Pabst.

 

One thing great about ET is that, like a TV or radio station, you can tune out the trash.

 

LOL, I am waiting too. Every time the market is up 10 points I am groaning on your behalf. If this thing rallies, it will be tough to keep the peace. Kind of a live by the sword, die by the sword thing.

C'mon baby, tank!!!

 

Good one, groupie boy!

 

You gotta have faith Inandlong!

I don't need a tank to be right. I just need what has occured to be a top for a few months. No big deal at all.

BTW, 10 points up is worthless. 20 points up is worthless now. It has to go back over 1,000 for there to be any trouble. But it won't. Have faith.

The gyrations are all part of the game. You know, to shake out the weak hands. I am not weak hands.

 

My friend Pabst has reminded me of my "Dow looks good to 9000" call. I said it would get to 9000 by 5/23. Even though I was only off by SIX trading days, which is damn accurate, the ET regulars were calling for my head. It was as if I made a bad prediction, and I was called on to leave ET, or goto the principals office, or whatever.

But now, there is stony silence. And that's good.

My point is, ET'ers will find any reason to rant and cry. You gotta be strong and fight 'em all the way. I've always lived and died by the sword, so what's new? Yes, the S&P has topped.

 

It's perhaps topped here for the next several years!!

 

I'm thinking the same thing Pabst. On Friday, I had this same discussion with my dad. Sure there will be plenty of good plays, but as for an outright bull market, I just don't see it.

Of course I will trade what I see, and right now, with the SPX and the Compx below their 50's, it makes it difficult to see much upside near term.

I'm still in the Dow 5000 camp. There are some big names, like the older guy who writes the Dow Theory letter re:CBSMarketwatch, that think Dow 3000 is in line. Man I hope not. The economic state of affairs that would exist to produce a Dow that cheap does not seem pleasant. That excludes re-indexing.

Dang! 12:42 am. Time for some rest.

Good luck this week!