Bittersweet memories
That is all I'm taking with me
So goodbye. Please don't cry
We both know I'm not what you need
--Whitney Houston
Am certainly in Dr J's camp currently. We have indeed seen this movie before, it seems. And history suggests that the more uncomfortable it feels to be bearish, the more likely we are approaching a signficant trend change.
Doesn't mean they can't scream higher from here. But as John notes, history tells us that in set ups like this, investors will generally have trouble holding onto these gains.
position in SPX
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Blake: We're adding a little something to this month's sales contest. As you all know, first prize is a Cadillac Eldorado. Anybody want to see second prize?
Blake: Second prize is a set of steak knives. Third prize is you're fired.
~Glengarry Glen Ross
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