That's what the market seems to be saying. A couple of blogs ago I talked a little about how nothing really seemed to be changing. Just when the market looks like it's in trouble, it reverses. Over and over again. A contrarian point of view seems to be the key to maximizing gains since the March low.
Many indicators are being thrashed in the process too. Although the Seven Sentinels have been having some trouble as well, it's really been fairly accurate aside from a couple of false signals. Yesterday's sell signal is probably going to prove to be a false signal over the next few days. That's the expectation right now and why some of us opted to stick around for various reasons discussed on the MB yesterday. The unrelenting bid supporting this market really should be respected.
No doubt there's still plenty of cash looking for better returns out there, but it's going to take a lot of convincing and patience to get many of those on the sidelines or short to accept a new bull market at this point. After all, it's obvious the economy is still in a lot of trouble. Who could possibly trust it?
That's where the patience will come in. Not patience on the part of the disbelievers, but those powers that control the market. Collectively I mean. The big money. Eventually psychology will take its toll as more and more traders/investors/401K participants etc. throw up their hands and chase returns.
I seriously doubt a set-up like the one we have in this economy is going to go to waste in short order. It'll be given time to wear down the short and sideline participants in the market.
But don't expect da boyz to make any one comfortable while we wait. I suspect even the bulls will have to endure more drama along the way.
Isn't this fun?
Many indicators are being thrashed in the process too. Although the Seven Sentinels have been having some trouble as well, it's really been fairly accurate aside from a couple of false signals. Yesterday's sell signal is probably going to prove to be a false signal over the next few days. That's the expectation right now and why some of us opted to stick around for various reasons discussed on the MB yesterday. The unrelenting bid supporting this market really should be respected.
No doubt there's still plenty of cash looking for better returns out there, but it's going to take a lot of convincing and patience to get many of those on the sidelines or short to accept a new bull market at this point. After all, it's obvious the economy is still in a lot of trouble. Who could possibly trust it?
That's where the patience will come in. Not patience on the part of the disbelievers, but those powers that control the market. Collectively I mean. The big money. Eventually psychology will take its toll as more and more traders/investors/401K participants etc. throw up their hands and chase returns.
I seriously doubt a set-up like the one we have in this economy is going to go to waste in short order. It'll be given time to wear down the short and sideline participants in the market.
But don't expect da boyz to make any one comfortable while we wait. I suspect even the bulls will have to endure more drama along the way.
Isn't this fun?
