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Recalling my post yesterday evening about how crypto’s huge rise yesterday was “a one-hit wonder”, that seems to have panned out nicely. What hasn’t panned out (yet) is for equities to follow along. Give it another day or two, m’kay?
I don’t typically make this is the bottom or this is the top calls, because as a younger trader whenever I did, I would be humbled. But below is David Ryan. He is no dodo. He was William O’Neill’s protégé and portfolio manager. If you don’t know who William O’Neil is, well you probably shouldn’t be speculating in stocks. I will include links below.
I digress. Back to David, he was right in July when he called for massive blow-off top rally in META and NVDA. He is now calling a top for the year in tech, and to raise cash and get defensive. Only a handful of people I would take a call like this seriously. He is one.
Below are links to William O’Neil’s wiki and bio on IBD, as well as all his books which I have read a few multiple times starting at NYU Stern in the 90s. He passed away this year.
(more…)At the end of last month, I did a despairing post called Totally Bullish, which hopefully for the wiser of you took as one of the greatest short-sale signals in human history. My post was sincere, however. I saw virtually no reason left anymore to be short anything. The charts were just too goddamned strong.
What a difference a few weeks has made. The Dow Industrials, one of the clearly strongest of all the markets, has puked all over itself. It topped out (pink tint), smashed through its former breakout level, and is now stuck beneath it. It seems that reality has finally, FINALLY, leaked into the brain-dead investing public and allowed some selling to take place, and as a chartist, I am just thrilled that these bullish setups have virtually all encountered their own ruination.
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Click here for a special 99 cents offer to try Gold out super-cheap! In your heart, you know he’s right.
Well, it took reality (and mainstream media) a while to catch up, but 40 months ago, I wrote about how Zume was doomed.
