AMZN, the most important stock-market bellwether of them all, peaked Friday just 36 cents from an ostensibly important rally target I’d sent out to subscribers the night before. Much as I’d like to enthuse about the possibility that this will mark an important top in the broad averages, I’ve dispensed with the usual hubris to focus instead on still-higher targets for some widely followed trading vehicles, most particularly AAPL. There is also a rally target outstanding in DIA that can help keep us properly bullish for the time being. As backdrop, keep in mind that I’ve already projected a target above 26,000 for the Dow Industrials. Eight-and-a-half years into a bull market, if you’re going to follow some guru’s giddy advice, wouldn’t you rather it come from a die-hard bear than from a wild-eyed, glue-sniffing permabull who hasn’t been around long enough to know that bear markets happen?
Why This Permabear Is Still Quite Bullish
- October 30, 2017, 3:13 am
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October 29, 2017, 6:33 pm
Hi RA, Trust you are well. Stock market performance aside shouldn’t the focus be on Yellen decidedly relieved, the yield curve inverting, while EU tripe and JGB’s collectively saying Meh? What am I missing??? We’re talking about a quadrillion of interconnected garbage that cannot Ever be repaid yet global credit mkts just whistle past the graveyard. Call me crazy but another 25 bps and the jig is up. Surely cannot be the only one besides Yellen sneaking quietly back to the Berkeley Hills with a box of MRE’s, am I?
When the last permabear capitulates there is no-one left to buy