My prediction from February 9th about a bounce to 2740 and a subsequent resumption of the weakness has, thus far, earned me a solid A+ (my trading based upon it I’d give, oh, a D+, but that’s another tale………suffice it to say I got incredibly short as of last Friday at the close).
But how shall I put my view as to what’s coming? Let’s see – – – Catastrophic? Horrific? Deliciously devastating?
I know the BTFD crowd has had the habit of buying pounded into their tiny little craniums. That’s just the sort of blinkered, philistine pig-ignorance one should expect from such non-creative garbage, sitting on their loathsome spotty behinds, squeezing blackheads, not caring a tinker’s cuss about the struggling chartist.
For me, one glance at the indexes is all it takes. The story is the same, again and again. A top. A fall. A bounce. And then the resumption.
XMI Chart:
RUT Chart:
INDU Chart:
COMPQ Chart:
COMP Chart:
Of particular interest is the clear and undeniable failure of the Dow Utilities. This is BIG, people. And I am, of course, so short the NYSE:XLU that I could jump off a dime.
This is the market I’ve been waiting nine years for. The destruction is going to be magnificent.