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The typical yo-yos were trotted out on financial television to tell people Everything Was Great and that the Economy Was Sound and that they should Buy Stocks Now. What a bunch of self-serving imbeciles.
Just one glance at the daily SPY chart tells you what you need to know; just one surprise could yank the carpet from under this market and send it collapsing into oblivion.
Back in 1979, when I moved from Louisiana to the Bay Area in California, I was asked a lot of strange questions, such as if I knew anyone in the Ku Klux Klan. People seemed to think that every white person from the south hated blacks and that we were all a bunch of fiery rednecks.
I didn’t understand this, even at a young age, for a couple of reasons. First of all, I had been around black people all my life, including being raised by a black nanny, and second, the kids in Moraga, California sured seemed a whole hell of a lot more homogenous than where I came from. If anyone should be asked about racial integration, it was them, not me.
Some time has passed since I wrote a more lengthy article, but not nearly as long a time as this gruelling bear market in cryptos – now 12 months long, and counting. So, in this article I’d like to rewind the clock a bit.
When we first saw our bull market top in cryptos, I did not fully expect a long bear market such as we’ve seen. While the March breakdown confirmed in my mind that the $3000 to $4700 zone would be visited again, I did not think it would take this long.