This is definitely a market I like. Almost every single bearish position I’ve got is gaining value today, and my one and only long – – silver – – is up almost 2.5%. Nicest of all, our bullish friends keep applying shock paddles to the market’s chest, and it hasn’t yielded dick.
Speaking of which, I think we’ve got a new superhero on our hands. He’s like Gartman, except with nuclear missiles.
The fact is that I can’t stand crashes and shocks. What I prefer is a nice, long bleed-out, ideally lasting a couple of years.
Putting it another way, my favorite market movement resembles an escalator, which gently takes you from overvalued to undervalued. It isn’t the fastest way to get around, but it’s definitely the most manageable.
