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Monday, April 5, 2010

More bears backtracking.....

An Easter quote from Denninger:

Back when this rally had just begun, I said that there was a decent chance it could retrace all the way to 1220.  This wasn't some sort of wild "out my ass" guess, it was a simple 61.8% retracement of the dive in the S&P 500.  A similar move would take the DOW to 11,170 - about where it is now.

I guess that goes with Rosenberg's nuance of bullishness back last April!

Does anybody really buy the songs the bears are singing?

I thought that if we didn't get a 300,000+ job print, the market would go to hell?

What happened to that snakeoil prediction?

It went along with all the others!

4 comments :

Anonymous said...

I think you give Denninger too hard a time.

Don't you recall his "bouncity bounce time" bottom call?

Or how about buying C for under a buck?

I don't mean to reopen old wounds, but he also made a ton of money in the crash. How'd you do?

Palmoni said...

No I like Denniger, and to say he liked C under a $1 is like me saying I liked TGT at 2.29 which is already a 10 bagger

In a crash, he who screams fire does best. I give him that!

whydibuy said...

?????? TGT was never 2.29

Target bottomed around 25 and is about a double from the lows.

I think that j lo noise affected your thoughts.

Palmoni said...

I meant when I touted Tenneco (TEN) at 2.29.

http://aaronandmoses.blogspot.com/2009/03/johnson-controls-restructures.html

A long time ago, Tenneco's symbol was TGT.

Old symbols die hard!