In Turning Points I outlined my case for the latter part of a leading diagonal forming. Outlined below is the positive correlation between chest hair and performance, but first see immediately below for the previous count:
I predicted a continuation of the diagonal formation until 880. Well well well the S&P 500 peaked today at 882.06:
Many indicators are simultaneously sounding alarms and you're just sitting there in your 4 year old robe with cheap vodka and Virgina Slims instead of catching your neighbor off guard with "the goat" (4 kicks) and going short this overblown rally. Indeed, my chest hair is thick and burly!
Also of note is the length of time the index has been advancing above its 50 day moving average. The fundamentals, always more important longer term are not supporting these green shoots and daily investors get pummeled with and ignore terrible news every day. This cannot go on forever and what I mean by this is Graham's famous saying; "In the short term the market is a voting machine and in the long term a weighing machine". (paraphrased)
Most likely, the market will rip higher by 100 points tomorrow just to smite thee. Oh I'll be waiting though, with 9 iron in hand and the smack your coked up broker forgot to bump earlier today via SDS (Russell Crowe like warriors will gladly consider FAZ as a more manly option, with three times the chest hair, utter conceit and unbareable body odor of your average coked up broker).
My final say is this market rally is Michael Keaton...and for those who know and don't know there you go!
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