I disagree, partially
Turn on cnbc. Is the sentiment for equity markets bullish?, maybe a little bit. Everyone is still cautious. This doesn't mark a top.
Neither will a couple month rally into '05
Or a month or 2 bounce in the USD
I use these example
Remember stock at the start of '04. How this big bull market is so hot. The economy is recovering etc.
Well what happened next. A year of going sideways.
Even better, the tech bubble.
You can't lose buying technology in '99 2000, right?
Remember oil and gold just a month or so ago.
Every analyst super bullish. Buy gold buy oil. Huge bull market. Gold shortages, oil troubles etc
Well what happened.
Gold dropped from 460 to 430
Oil dropped from 55 to 40
It's all about sentiment when it comes to the short term.
And being contrarian to the "street' usually works
So until we see cnbc going into full bull mode for stocks, I don't see a top
Also, when you look at a longterm dow chart...
The last time we were in a sideways trading range it lasted for around 20 years.
We've been going sideways for about 4-6
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