Theory of Relativity

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Since its President’s Day, I think I’ll write about something Presidential. And this quote from our patron saint George Carlin is absolutely crucial to the piece:

 “When you’re born you get a ticket to the freak show. When you’re born in America, you get a front row seat.”

See, I want it crystal clear at the outset that there is nothing political about what I’ve got to say. Our nation is deeply divided along political lines – – the worst I’ve ever seen – – and I can write or tweet about just about anything under the sun without repercussion, but the moment I so much as mention the word “Trump” without words of gushing adulation next to it, some Duck Dynasty-watching mental midget flips out.

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Presidential Picks (Part 5 of 6)

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Preface for each of these parts: Some recent success with short sales, even in the face of lifetime index highs on a virtually daily basis, have emboldened me during this long weekend to offer up my entire collection of existing short positions. As always, Slope Plus subscribers get exclusive access to half of these posts, and the rest are available to everyone. Enjoy the long weekend, and I hope some of these charts appeal to your desire to sell ’em short:

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The Stock Market Is Not Even Close To A Major Top

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by Avi Gilburt, ElliottWaveTrader.net

The stock market is too high.  The fundamentals don’t support these heights.  This rally is completely “fake” because it has been “manipulated.” The market is in “nosebleed” territory.  We are in a blow-off rally. The market is about to crash.  Yes, we have heard it all for months now.  Maybe even for years.  And, such perspectives have caused many to miss one of the best rallies we have seen in years, as they expect the market to top “any day now.”

But, the simple truth is that the market is in the heart of what us Elliotticians call a “3rd wave”, and they are relentless and the most powerful segment of a 5-wave Elliott structure.   In fact, we have been within the heart of a 3rd wave since early November when we went against the common “market-think” and called for a strong rally to 2300 and beyond on the S&P 500 (SPX), even though Trump won the election.  But, it also means that we still have to complete waves 3, 4 and 5 before a long-term top is seen, as I have been noting since early 2016, which you can see in a chart of our market calls in the link below.

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Presidential Picks (Part 3 of 6)

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Preface for each of these parts: Some recent success with short sales, even in the face of lifetime index highs on a virtually daily basis, have emboldened me during this long weekend to offer up my entire collection of existing short positions. As always, Slope Plus subscribers get exclusive access to half of these posts, and the rest are available to everyone. Enjoy the long weekend, and I hope some of these charts appeal to your desire to sell ’em short:

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