Slope of Hope Blog Posts
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Part of the current NASDAQ strength is from Apple clawing its way off its devastating drop, and Ive already seen a lot of chatter about what a fantastic bargain it is at these prices. I recognize that with a P/E of merely 10 it seems like a great steal, but as a chartist, my view is that it's going to get no higher than about $504 (in order to not only fill its gap but also cause a sigh of relief that there's a "5" as the leading digit on the price) before it swoons to new lows for the year.
Look, I realize that bears that live in glass houses shouldn't thrown stones, but I've got to say this: earlier this morning, I got word from a well-known financial publication that they had issued a special interim report stating – – just as their two prior interim reports had, in the two prceeding months – – that it was time to short the bejesus out of the stock market.
I've marked these report-points below. Let's just say, as much as I'd love the market to drop steadily for the next 60 months to $42.82 on the Dow, I am not particularly encouraged by the latest "interim", which has lately become a monthly event.
For my own self, I remain completely short, although the damage isn't as gut-wrenching as one might fear: I'm down 0.21% today as of this writing, versus the market being up 0.61%, so I can live with that.