Tuesday, May 27, 2014
CHARTS FOR GOLDBUGS: see what is making them foam at the mouth!
GDX is <-2SD and collapsing. All support lost, the black cloud of doom spreads across the blasted landscape.
GDXJ breaks support. The goldbugs are crushed, we see them scattered before us and hear the lamentations of their women.
Hey, remember when the weakness in the Nasdaq was an indicator of an impending market crash?
SPY is at an all-time high again. $SPX will probably hit 2000 in a week or two, if the law of round numbers holds.
Speaking of all-time highs: when something's at an all-time high, the easy bet is to assume it'll keep printing all-time highs. Because a streak of all-time highs has a tendency to keep going for a long time.
Now let's kick back and read all the doomers' blogs as they walk back their calls for collapse. "Oh, when I said the S&P was topping, what I really meant was that it'll go up again, and it'll top after going higher."