Wednesday, November 16, 2011

UPDATED: Advice to Equity Investors From ca. 1939 (potentially "Super-Bullish") DIA; SPY; SPX

Updates Below.
We last used this image back in early May as the DJIA was hitting it's high for the year in "Advice to the Shorts...". Now we direct it to disheartened longs.
From the British Ministry of Information:

DJIA 12,074.03 down 22.13.
With the Supercommittee apparently deadlocked this could end up being some Godawful timing but as I said last Friday, "This market wants to go higher".

Here's MarketBeat, apparently channeling Clusterstock's headline style:

S&P Forms Potentially Super-Bullish Triangle Pattern
See the triangle at the end of the chart? Click for big image.
Technicians are all agog today about a triangle pattern in the S&P 500 that could mean a big breakout to the upside.

The pattern is clear enough that even MarketBeat can see it, so there’s no doubt it’s there. You can dismiss technical analysis as a bunch of hocus-pocus, but so many people follow and believe in it that you have to pay attention to it.

Here’s Walter Murphy, by way of UBS’s in-house legend Art Cashin, writing this morning:...MORE
Updates, both from MarketBeat:

Um, About That Potentially Super-Bullish Triangle Pattern…
Here We Go Again: Fitch Note on Bank Euro Exposure Slamming Stocks