We did that one already but what more can you say about a market that simply does not go down? We WANT to be more bearish, but our levels simply won't let us. Not only are we running out of red boxes on our Big Chart (indicating it's time to roll out a higher set of goals), but the Russell is already over what would be the 15% line.
Those were, of course, our 2012 goals and we hit them on the money but we haven't been ready to lay down targets for 2013 but, after this weekend – it will be time. Since it is Friday, and a holiday weekend, let's review something we discussed in yesterday's Member Chat – which was an article by Anthony Mirhaydari titled "10 Big Worries About This Market."
Now Anthony's a smart guy so I review this out of respect but we all need to keep in mind that a lot of people are "bearish" for a lot of the wrong reasons and, since this is a list of 10 good ones – it's worth taking a hard look at them.
Before we begin, I just want to mention another smart bear who is being backed into a corner today – poor Bill Ackman is being taken to the woodshed for daring to piss off Carl Icahn, who disclosed a 13% stake in HLF today and sent the stock flying up 22% pre-market. There is nothing worse than a short squeeze when you are bearish and the worst part is, to get out of the trade you have to capitulate by BUYING the stock you hate – thereby adding to the run-up.
While we all know Bill Ackman has a litany of very good reasons to be short HLF – who cares if more people are buying than selling – especially when one or two of the buyers are so big they totally overwhelm the sellers? The whole market is like that – it's all about sentiment – until it isn't. Our job is only to know when the wind is changing so we can get out. We're not here to fight the battles with the big boys.
IN PROGRESS
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