I admit to being a listener of Pim Fox for a long time and thinking OK this guy is a fair minded host. But as of late, he's had bulls on his show 10:1, and he just lobs them softballs. It is getting ridiculous. He never vigorously questions these ridiculous claims, such as the idea that consumer spending is about to explode in Q1 2010. And don't get me started on Tom Keene. He can't help but name drop and is a died in the wool sycophant for anyone in higher government or investment banking. Bloomberg needs to fix itself before it ends up like CNBC.
People seem to be leaning really hard in one direction - bullish. Even Art Cashin is talking about bullish upsides. With the S&Ps at a key resistance point, I am thinking we get a fadeable break to the upside into early 2010. Again, people just seem too darn bullish right now. Fundamentals - bad, technicals - bad, sentiment - bad. A huge pop to the upside to suck in the last bear is what I predict. Who knows how long the pop will last, so I am waiting for confirmation before jumping in.
I think we are forming a left shoulder here. The head is coming. Then another shoulder. And then down again. Market technicals still strong in spite of all the bearish fundamentals