14000 call still on track
The first 6 months have not been kind to my Jan 1 prediction of Dow 14000 by the end of December. And yet, having considered all pros and contras, I now have more confidence in my call than I did 6 months ago. The tables have turned, and the dynamics of the bear market of 2008-9 is now being replayed in reverse. When we see a top, 97% of players will have turned into permabulls. Too many people shorting what seemed to them like an overpriced market have forgotten that under every point of the Dow from 6000 to 14000 there lies buried a very bright short trader who understood just how overpriced the market was back then.