always plenty of "I told you so " types around when markets retrace but that's the time to listen to the smarties . This analysis from our own PB,
"New York sold off again in Friday’s trading but I liked the way it bounced off its low. Looks to me as though it is finding a bottom around here. Whereas I mentioned a number of times before I went away that I had a growing number of negative divergences on the New York market which I saw as being bearish, at the moment I am getting a growing number of positive divergences which is quite encouraging.
But now the really difficult part. I think the odds are pretty good that we have seen the high of the bull market on Wall Street. However, I do think we will have to go through a period when the market tries to convince us all that the game is on again by having some worthwhile rallies over coming weeks/months perhaps to even rally up under the tops set in late September. However, we do have one analyst on Hot Copper that believes that the high is still to come and as this is one of my most respected members (hello
) then I will be open to the market convincing me of a more bullish outcome! There will be time to get a better picture as we look at 2019.
I do admit that I have one chart that suggests that all of trading since the high in the SPX in late January is nothing more than a major correction in a bull market – so I have not closed my mind to the idea of further joy ahead. And just to show that I really do have an open mind, that one chart suggests that the SPX could go to around 4000. Have to do a lot to convince me of it though….."
