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The Rally Must End Now, Says Everyone Not Long

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With the S&P 500 up about 10 percent since self-help author and success coach Tony Robbins issued his economic warning, it's only natural to question the legitimacy of the rally. After all, while we have no idea what might cause stocks to go down again, the only thing we know for certain is that the Federal Reserve and global central banks are engaged in competitive devaluation of all the world's currencies while simultaneously buying Treasuries to support the stock market, which will eventually end in failure because there is too much debt supported by too little income generation and everything except gold is going to go to zero, or at least 400 on the S&P 500, and on and on and on. But you know what? Sometimes being right is overrated.

Here, then, is some good advice from Barry Ritholtz: "If you are constantly fighting the tape, if you missed the run up and are now whining about it, let me steer you to esteemed technician Ned Davis of NDR. In his 1991 book Being Right or Making Money, Davis tells the story of missing trades, investments and rallies because they did not fit some expectations of hos regarding the economy or valuations or other factors. The title of his book and of this post comes from a more senior trader, who simply asked him: “Do You Wanna Be Right, or Do You Wanna Make Money?”

POSITION:  No positions in stocks mentioned.