Yesterday we noted that an MSM…
Today we noted that an MSM headline indicates Gartman is still the King of Kontrary Indicators and is massively bullish now…
Thing 1: Bullish
Thing 2: Bearish
In the last few days I have read the right-minded Macro Tourist lay out reasons that the bears may be wrong, but I have also seen Gartman and a certain EW who self-promotes like nobody’s business giving us the old ‘I told you so because my EWs knew more than your fear of the Trade War did’ routine. No shit Sherlock, the Trade War noise is a bull refresher. All the other “exogenous events” you listed that the market has surmounted always were in the bag as bullish too. It’s how markets work.
Here is the SPX simply doing what we laid out for it months ago.
Now, I am not saying that the gap will fill, nor am I saying that upon a gap fill the market will go down. What I am saying is that market sentiment – replete with bull wise guys and their “I told you so’s” – will need to be evaluated as SPX tests its highs. Also, market leadership and several other indicators (err, like the gold/silver ratio reviewed earlier) will need to be factored. But if I am a would-be bear (I am still net long with investment funds) I like Gartman getting hysterical and the other wise guys lecturing the cowering masses, right into the upside test.
We’ll evaluate sentiment in detail in NFTRH and/or updates as needed. All I can tell you is that so far at least, the market is doing pretty damn near exactly as we have anticipated to this point.
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