Here's some morning reading:
Bespoke - S&P closes at an all-time high. Hey, remember the imminent crash?
Reformed Borker (Bork Bork Bork!) - advancing volume. Hey, remember the imminent crash?
Joe Fahmy - the market just fooled the majority again. Quotes with commentary:
How this applies to our current stock market is that NO ONE is a raging bull.Uh, wait... I'm a raging bull.
It seems like EVERYONE is cautious. Last week, David Tepper gave cautious comments at the SALT conference. Respected technician Ralph Acampora expects a 25% correction for small-cap, mid-cap and tech stocks. He went on to say “I have a sick feeling a 25% crash is ahead.”Seems like Ralph Acampora shouldn't be so respected then, eh? 25% corrections in secular bull markets are so rare that you simply can't trade in expectation of them.
A trader friend of mine who has been a blind bull for 3 years recently called for a 10% correction.10% is maybe more realistic, but aren't you just flipping pennies then? Quit being a pennyflipper, buy SPY and go away for 10 years.
Another friend who manages $2 Billion and is a VERY sharp money manager says that small-caps “are about to get killed.”Really? Why? Because of the ongoing growth rotation? Your buddy isn't too sharp if he hasn't heard about that already.
FT beyond brics - Evo Morales, part-time footballer. Wherein the FT makes an egregious and unacceptable error:
Once the first indigenous president of an impoverished country with an Indian majority has established his authority, tripled the size of the economy and is poised to win a third mandate, what else is there to do?Indian majority? "Oh my, Rajeev! Our president Morales is so good at football!" "So true, Joginder! Now if only he could master our national pastime of cricket!"