Picking the major top is a waste of time. Of course someone will...

Picking the major top is a waste of time. Of course someone will get it right - just because it has to happen eventually. Prechter for example has been predicting the great depression for the last 20 years. His previous call was it was to have happened about a month ago. No prizes as to when he believes it will be now.

The best one can do is sense the public mood at the time. I’ve yet to see a major top without being preceded with total exuberance such that people like taxi drivers, and simply talking around the office and lifts, people are saying they are making lots of money on the markets very easily. I don’t see it now. It will come of course but I think it’s way too early – could be years away for all we know. I can see that happening as China does its “1929” in the years to come. I’m waiting for the time when mums and dads are trading futures on the Chinese markets. Of course, I could be wrong and the bull market might accelerate at a faster rate and peak this year/next year. Time will tell. One thing’s certain – expect the unexpected.