This is a syndicated repost courtesy of The Daily Reckoning. To view original, click here. Reposted with permission.
Everyone went gaga over Dow 20,000. The financial media had a field day when the Dow crossed the magical 20,000 mark on a cold morning back in February.
But the Dow teased investors countless times before finally making the leap. The financial press was already whipped into a frenzy by December, only to have to wait two agonizing months for the breakout.
‘Does that mean it’s time to bet against the market?’ we asked back in December 2016.
Just look at that bullish headline. Barron’s was bulled up on stocks again. The party hats were on order. If we were smart, we’d bet against the bulls, right?
I don’t think so.
Look, there are tons of dumb market sentiment indicators out there. But there’s one in particular that folks take way too seriously: the magazine cover indicator.
This post was published at Wall Street Examiner on May 31, 2017.
Follow on Twitter
Recent Comments