Tonight’s video reveals the mystery charts posted on Friday. You will be surprised at what they were 
See tonight’s video in the ‘market update videos’ page.
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{ 3 comments }
Shorter term: The CoT profile has been suggesting a pullback on all 3 indexes for the last 3 weeks or more. The retail investor is VERY bullish. Always cause for alarm.
1st quarter: “ESTIMATED” GAAP EPS x 20 P/E is 1133. GAAP estimates is suggesting we are in an over bought situation. (GAAP EST came out on the 3rd. Look at what the S&P closed on the 4th)
2nd quarter: “ESTIMATED” GAAP EPS x 20 P/E is 1133 as well.
Target for the S&P is 1230 as Chuck has said. (61% replacement fib).
Earnings season with a weaker dollar coming means that the market will continue to advance, but watch for that 4% to 6% pullback.
Cheers
This test has nothing to do with the particular stock that is on the charts; this test is about the mentality and perception of the individual trader. It clearly illustrates why many of you have been losing money by shorting one of the strongest rallies in recent history. Ever heard of the trend is your friend? The first two charts are in obvious down trends yet everyone wants to catch the falling knife because they think it is “cheap” and a good bargain or short the run away train because they think it is “overbought”. The key word in stock market is market. If you buy a stock shouldn’t you buy the one that has shown that their are others that are willing and able to buy it from you at a higher price and vice versa if you are short? When the trend changes you and everyone else will know it…stop trying to be the first to the party by top calling and bottom picking.
Funny. I’m glad that you don’t publish your videos upside down to test us !!!