Well… what can I say. The market does not like facing reality. And it got a lot of it today.
Tonight I’ll have updated index charts. At first look it seems pretty evident that the bear market rally is over, the bear market down trend is resuming.
I will have the complete wrap up tonight.
Thank you for the nice comments guys and gals, we appreciate it very much.
2 Comments
May 21st, 2008 at 6:16 pm
Chuck,
Great day and I hope many RT members made some
money today.
Chuck, dead-on as always, in your next
Commentary could you opine thoughts
on the Index shorts…you have suggested?
I see a Chesire Catgrin on your face; all
the way from the Windy City.
Seriously, you have made/saved alotta
people…..alotta $$$$.
Best,
Noel
May 21st, 2008 at 7:56 pm
Thank you Chuck and Lisa for sharing your insights and wisdom.
I would be curious about your thoughts on why the market chose yesterday and today to roll over. Was it simply that the market was in denial? Was there something in the FED minutes that wasn’t obvious before? I’m struggling to find some causality. The market is supposed to be the greatest valuation machine in the world and yet it seemed to have a great deal of trouble assessing the current state of affairs.
Was the tipping point higher oil?