At this moment we don
Át this moment we don´t know whether we are at the tipping point, or at the tripping point. The Dow and the S&P tiptoed across the magic mark (Dow) of 10000 and hesitated. The incessant baying of the punditry makes one think tha the trend will continue — because they are setting up a fearful howl. 10000 is the magic resistance point. The rally has hit the magic 50% recovery point. Yakity yakity. Blah blah.
This is of course magical thinking, as psychiatrists say. Instead of running around like chicken little we will ask the market in a couple of days, ¨How ya feelin old boy?¨ and then we´ll know.
Through the use of crystal balls and magical thinking the pundits identified 1080 as an S&P resistance point. We actually think it´s cleared resistance — one reason we think the trend will continue.
But for the nonce readers can enjoy the sight of pundits running wildly about trying to foretell the future.