Thursday, January 19, 2012
19 Jan 2012
To use my bird analogy again, it appears the last of the birds are finally landing in the new location before the leading birds take off again.
It seems the last of the skeptical bulls are finally being sucked into long positions. It is a shame that they are about three months late - hope takes a much longer time to build than panic. Sector rotation has almost ended as money has left some of the leading stocks in stalled positions while the most hated have rallied.
I check my blog's visitor stats daily. Maybe I am obsessed. I always find that around turning points, my viewership begins to fall off substantially. I was scoffed at on other blogs for saying that we were bottoming in December and AAPL was going to make a new high. Is it because people start to think "this idiot is always wrong, I am just going to buy/sell" as I consistently tell them to look the opposite way that the market is pointing? Likewise, it has fallen off substantially this week, and the end of last. Once we start to fall, viewers will come back again. Would we prefer to be lied to and told to just go with the flow?
"The propensity to swindle grows parallel with the propensity to speculate during a boom... the implosion of an asset price bubble always leads to the discovery of frauds and swindles"
Charles P. Kindleberger
at 9:43 PM