Thursday, October 15, 2009

Gluskin Sheff’s David Rosenberg has finally lost it

We haven't posted much, if anything, from Mr. Rosenberg. His adamant refusal to acknowledge the rising market is at odds with our approach, playing the cards you're dealt.
Unlike our gloomy pal Ambrose Evans-Pritchard who can be downright funny in the depths of his despair, Mr. Roseneberg is a strategist. He'll be right one of these days, we hope we are too.
Oh well, here's the story from FT Alphaville:
Poor Dave

Much as we love him, we must report that Gluskin Sheff’s David Rosenberg has finally lost it. Here’s the evidence - from his latest “Breakfast with Dave” note to clients on Thursday:

So far, the backup for the U.S. 10-year Treasury note yield is a 38% Fibonacci retracement of the decline from the nearby high established in August.

Fibonacci analysis!?!? That, surely, is the domain of wacko tip sheets and self-help investment seminars.

It seems the Dow’s journey above the 10,000 mark finally tipped Dave over the edge:

The media are certainly going to town on this news but it is, in fact, old news; it’s “only” the 26th time the Dow has managed to cross this milestone.

Dave, of course, has been leading us all in fighting the tape these past few months. A selfless act - and also a bit foolhardy, in hindsight. Look at the sad result...MORE