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:
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