Tuesday, October 20, 2009
Why can't you be serious?
I was at a football game with a hedge fund manager, and that was the question he asked me. He said that I've been "uncanningly accurate" on my macro calls on the market, but then he asked me--"Why can't you be serious? And what's with Harry Crumb? And all the women!"
I said, "You mean my 1120 target on the S&P? That's just a Fibonacci retracement."
He said, "You know that--but no-one else does. You need to tell people that."
I said, "Ok, Ok--but you're missing the nuances--and, at least mine aren't like Rosenberg's! But I'll throw in a picture just so no-one will take me too serious!"
And then today, I stumbled across this great piece by Carter Worth over at Oppenheimer. Check this out. It talks about the gaps on AAPL, that never were filled, and the retracement on the S&P.
It's an outstanding piece. And it also why I'm not bumping my target up on the S&P this year.
People folllow charts, and the story that the charts tell.
And this piece, is one of the best that I've seen in a long time.
Money in Motion
Posted by Palmoni at 12:36 PM