CEO.ca - a market on the brink!!!1! Here's what he said:
Never before have there been so many warning signs of an impending market decline while the senior equity indices remained within 2% of all-time highs.I guess the rotation out of tech spec stocks and the transports upside breakout were only so many warning signs of an impending market decline for this guy. Because he probably doesn't read much outside of the goldbug sphere.
Here's his hilarious chart with arbitrary silly TA lines drawn on it:
And by the title of this post from May 8th ("a market on the brink"), as well as the title of his post from May 10 ("diamond top for the S&P?") you can surmise that this clown was predicting a market top.
Oh there's also these other posts:
May 6 - how long can energy hold up the market?
April 14 - this chart is flashing a red light for the stock market.
April 7 - the market is sending ominous signals.
And I don't even want to go into all his embarrassing "gold is at an inflection point" and "gold is set up for a strong move higher" posts. That's for later.
Well? How's your "diamond top" formation resolving itself, just two days later?
Broken to the upside. There's yet another top call ground into the dust, forgotten by all. A whole month of dooming, wasted.
Oh and by the way: SPY isn't the index. $SPX is the index. SPY is an ETF and doesn't track $SPX exactly. Here's your proof:
I guess Tommy Hump has to keep posting this silly, amateurish, always-wrong patter on his website, since he probably feels his job is to get people the hell out of the S&P 500 and into the gold stocks.
But dammit man, this "technician" fellow has become Raoul Pal level embarrassing. How long are you going to keep posting stuff from a guy who's always wrong, every single day?
Maybe later today I'll post a summary of his last few months of gold TA.
UPDATE: it was a guaranteed slam-dunk, the only question was how long it'd take IKN to plug this post.