Monday, February 3, 2014
Anyone in the Lamestream Media talking about the H&S in the SPY yet?
Here's a bad chart:
It's a proper H&S top because there's more volume on the right-hand side, and as a result the right shoulder is misshapen and steep.
So I guess the target is $169? I guess that would wipe out all the bullishness that the whiners have been complaining about since October, so a drop to $169 makes sense. Plus that makes for a near 10% correction, which is what all the Lamestream Media clowns have been clamoring for, so now they'll get what they want.
And it'll reduce the P/E ratios to a level that will go some way towards addressing the misinformed complaints of the CAPE-worshippers.
So, if the market is a self-fulfilling feedback mechanism, we should probably hit $169, and heck maybe if they're in enough of a hurry we can get there by Friday.