I usually look at 10 year daily charts. Day after day, I examine thousands of these things. Earlier today, I decided to glance at the longer-term picture of a couple of important indexes. Below are the 20-year charts of, respectively, the Dow Jones Composite and the NASDAQ Composite. Click on each one to see the larger version.
I’ve got just one thing to say: anyone buying into stocks at these levels is stark, raving mad – – – or at least has the memory of a gnat (as well as utter contempt for historical evidence). I am confidently short, and I will not only remain so, but will continue to add to my positions. This “market” has become a very bad joke, and unless hundreds of years of financial cycles have suddenly been rendered moot by the five-foot tall hermaphrodite leading the Fed, the bears are going to win this one in the end.