This is the kind of market we're dealing with again. People never tire of bubbles. I'll try to think of something useful to say later. I'm too flustered right now.
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I don't think a single week has gone by in the past five months that I haven't received a compelling graph – – usually many of them – – from readers showing me in compelling and convincing terms why This Was The Top. And you know what? Every one of them has turned out to be false.
I've received clever animations of balls tumbling off a charted precipice, and all kinds of Elliott Wave counts – – – and of course newsletters which make squishy dual predictions ("…the market will be up because of such and so or the market will be down because of such and so") and, the next day, declare victory ("...as we wrote yesterday………….the market will be up..…….."). It's tiresome, to put it kindly.
Stocks are moving up, and relentlessly so. It started March 6, and it hasn't really paused since. My prediction of 1050 (which I did a yeoman's job ignoring) is within spitting distance, and my uppermost projection for the S&P of 1200 seems completely plausible now.
So I'm feeling really worn out. And I think I'm going to stick to long suggestions since that seems to be the only direction stocks are going.