He likes to use "innings" as metaphor. He said we were in the 7th inning last summer. He correctly called the 2008 crash and the 2017 rally.
You and the rest of the world. Because 1) You can't bet your retirement 2) You're outside of the SEC cocoon 3) Your units are whatever you want them to be 4) Your common knowledge game is played in the tower of Babel I don't think we can assume any correlation. The people I see playing with crypto are the polar opposites of the ones playing with equities. They're a completely different tribe. I've got a friend who can't log into his 401(k) who day-trades tokens and apparently I was the last of my circle to hear of binance. Now - that may change, and a correction/recession may push it that way. But I mean fuckin' hell - John Oliver did 25 minutes on crypto last Sunday and it's surprisingly fair and balanced considering how everyone with a tresor was a goddamn criminal in the eyes of the investment class not six weeks ago.
A few months ago I decided whenever I saw an article like this, I'd move a few percent of my funds out of stocks and into either cash or bonds. Looks like it's time to do this again. As a total amateur who remembers 2007 and also remembers what my "value" was then and knows what it is now, I don't mind being a little more conservative than being all in.
https://www.cnbc.com/2018/03/13/boeing-and-goldman-have-been-responsible-for-keeping-the-dow-afloat-this-year.html If your money isn't in those four stocks, it's kind of sitting there anyway.Boeing has contributed 316.5 points to the Dow this year, while Goldman has added 119.5. Conversely, McDonald's has subtracted about 92 points, while Procter & Gamble has taken away 76. That's left the Dow up just a little under 2 percent for the year.
I'm pretty close to moving my entire 401k to cash for the foreseeable future.
So, uh, a double top doesn't exactly sound good?"What I'm seeing is the makings of a double top in the stock market," the firm's chief economist and strategist said Monday on CNBC's "Trading Nation." "We are in basically the ninth inning right now, and it's not going into extra innings. So I say, you don't play the momentum."
Bear in mind that whenever you see the phrase "resistance level" you're discussing technical analysis, the phrenology of economics. Fundamentally? You've got a bunch of business majors who are afraid of math who need some technobabble jargon of their own in order to sound official. The best part of technical analysis is that since stuff is always going up or coming down you can zoom in or out until you find the pattern that proves your pet theory. So when a guy like David Rosenberg says "double top" what he's really saying is "I've fuckin' called the market more successfully than most but if you need some magic signal as evidence that I know my shit, here's something in your language." It's still just a guy prognosticating on CNBC but he's a guy lots of people listen to.