Time for Gilligan's Island reruns again!
And the market players tried to make the charts say something again, that they don't say.
Look at BAC for an example. It traded up to 18.20 and closed at 17.35. Oh my. It must be a reversal--look what the chart says!
- Except that it said that on August 11, when it hit a high of 16.85 and closed at 15.85.
- Except that it said that on June 22, when it it a high of 13.05 and closed at 11.94.
- Except that it said that on May 19, when it hit a high of 12.24 and closed at 11.25.
- Except that it said that on May 15, when it hit a high of 11.63 and closed at 10.67.
That's what the chart says!
And wrong way Roubini is warning us again!
Well, at least you were warned of wrong way Roubini on this blog, because he keeps getting his L, U, W, and V's confused.
As I said before:
The U's can go to L!
We have V!
So now they warn us about W!
You want a W from Roubini? How about this?