During this incredible grind higher bears have made poignant
and insightful reasons why today is the top.
Day after day, the top call fails and the markets float higher. It seems the higher the market goes the more
long winded the reasoning becomes for why a top is just around the corner. I'm a simple person who learns best from pretty pictures and
gets confused by droning theoreticals about market direction. Therefore, I'd like to present the bear case
in two pictures.
Rising channel. RSI at a place that has historically led to selloffs. Market just about to touch the 2007 high and save all those poor soul's retirement plans. Short.
I'm not advocating a massive, today is the day, short position. However, what I have been doing lately is taking many more short positions intraday. And the darndest thing keeps happening. They have been making money. Markets don't turn on a dime; contra-trend trades don't work at first and then all of a suddent they start to work. And then they REALLY start to work and become with trend. I'm just pointing out what the big charts show. And they aren't showing a base for another rip-roaring rally.