On a long enough time line, everybody is right.
People had been calling for a bear market since 1984. When the crash hit in '87, the bears cheered. What they failed to do was study charts enough to know the difference between an imminent second crash and a 10 year rally.
After the rally in 03, the bears began cheerleading a new bear market. "Inflation!" they cried. "Housing bubble" they spouted!" It took 4 years and a lot of missed opportunity for their dreams to come true.
On a long enough time line, everybody is right.
Me? I'm staying long the halves of FAS/BAC/C I kept until they come and get me at 2.70/3/1, respectively. Or at least until they give me true signals they're collapsing.
No comments:
Post a Comment