Friday June 27 2014
I received a well written comment from an alert reader of TMP. He noted that Elliott Wave has consistently been off the mark, far too bearish. Mark Hulbert noted a while back that EWT had predicted the 2008 crash, but they had been bearish for years before that as well.
I have continually noted that the NYSE Weekly A/D line remains in solid bull territory. But I have access to the EWT comments and when I see an interesting one, I will pass it along. I think that the all time low yield in junk bonds is simply part of the mania that is still building to the highest ever Dow level. INdeed it is curious that Bob features many graphs except for the reliable NYSE A/D Weekly line.
Just this week the WSJ featured an article that many foundations and funds had missed a good deal of this rally. No wonder, the news is poor, the recovery slow, but as Marty Zweig observed, don't fight the FED, and in this case the FED $ 85 Billon a month boost to the market right out of thin air. That was a run on sentence and intended to emulate the run in the stock market!
Rambus exited his long gold positions yesterday but just this morning I see John Bollinger is bullsih on gold. There are always conflicting opinions which makes this a most interesting game.
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