How can it be a secular bear if SPX and DOW are at all-time highs?
Easily. The marginal new all-time highs in the major indexes back in late 1972 were in the context of a secular bear that had started back in 1966. If you’re old enough to remember, what followed was the “killer bear” of 1973-1974 that left everybody as 39-cent-a-pound hamburger. Marginal new all-time highs are the classic trick of the secular bear.
Not new highs in inflation adjusted terms.
Going to real tuff swim up river Gary with this in play, that and a much higher US$ ….Oil getting whacked!
These are the kind of things we always see at intermediate bottoms. Remember all the reasons being given for the stock market swoon 3 weeks ago? They sounded pretty convincing at the time. Of course they were all wrong. Stocks were going down for one reason and one reason only. They were due for a profit taking event. Once it had run it’s course the market went back up just like I said it would.
Gary, I know you are not big on TA, but it looks like your “manipulation” in gold is really just a VCP being played out. Makes more sense, doesn’t it? I would point out that this TA, and the target “splat zone”, agree perfectly with EW theory predictions of the medium-term future in the PM market. I know where I’ll be buying!
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