Where Does The Market Head From Here? The Professionals Will Guide Us.
I thought I would post this on the blog since most readers use email delivery or the RSS feed. It was a comment provided by a reader yesterday.
Technical market strength seen in resistance to repeated bear efforts since July 18; very low recent volume attributed to stocks in strong hands ("in the hands of interests not to be frightened by professional drives"). Recent rally having been digested, market considered in good technical shape for further advance.
Market action still seen driven mostly by professionals, not much public or outside buying seen. Conservative observers still believe sustained uptrend unlikely until market breaks through previous resistance levels on good volume.
When was this observation made?
August 3, 1930
In a great act of timing and irony, today Jim Cramer is jubilantly extolling the fact that professionals are driving this market. And I do mean jubilantly. Cramer has become one of the best contrarian tools out there for his wrong-way bias at market extremes. I guess the fact that professionals are driving this market is supposed to increase my confidence level. This is an utterly hilarious remark. It was the "professionals" who created every single aspect of this global crisis. The biggest financial crisis in this country's history. It was the professionals who needed a $12 trillion bailout in the U.S. alone.
Apparently, the illuminati were ecstatic about the same situation in 1930. Again, a crisis created by professionals. Now, this is not the same market as 1930, if for no other reason than they didn't throw $12 trillion behind the banks back then but it shows that stupidity and fallacious rationalizations are timeless and there were plenty of cheerleaders in August of 1930. That would be right before the market fell another 80%. Booyah!
Technical market strength seen in resistance to repeated bear efforts since July 18; very low recent volume attributed to stocks in strong hands ("in the hands of interests not to be frightened by professional drives"). Recent rally having been digested, market considered in good technical shape for further advance.
Market action still seen driven mostly by professionals, not much public or outside buying seen. Conservative observers still believe sustained uptrend unlikely until market breaks through previous resistance levels on good volume.
When was this observation made?
August 3, 1930
In a great act of timing and irony, today Jim Cramer is jubilantly extolling the fact that professionals are driving this market. And I do mean jubilantly. Cramer has become one of the best contrarian tools out there for his wrong-way bias at market extremes. I guess the fact that professionals are driving this market is supposed to increase my confidence level. This is an utterly hilarious remark. It was the "professionals" who created every single aspect of this global crisis. The biggest financial crisis in this country's history. It was the professionals who needed a $12 trillion bailout in the U.S. alone.
Apparently, the illuminati were ecstatic about the same situation in 1930. Again, a crisis created by professionals. Now, this is not the same market as 1930, if for no other reason than they didn't throw $12 trillion behind the banks back then but it shows that stupidity and fallacious rationalizations are timeless and there were plenty of cheerleaders in August of 1930. That would be right before the market fell another 80%. Booyah!
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