market top?

  1. 1,383 Posts.
    I sold out of everything about a week ago as the risk reward was no longer in my favour. I am already on record when discussing the low here in March as saying a Dow reversal off the 9400 level would be very bearish - and I decided to stick to my guns.

    Since then I have been quite amused to see one article after another saying the bear market was over - which helped to cement my opinion that some kind of top was in. At the bottom the pundits were all calling gloom and doom when we were buying up.

    At the moment the market (mostly the banks) look ugly but not ugly enough to justify a serious top call. On balance, I'm still inclined to say the market is on the way up, but not before a decent pullback to XJO 2910 or so.
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