Price Action Junkies Rule
Words of wisdom and an apt description of this markets mentality in Flecks latest:
"To state the obvious, the equity market is in some sort of blowoff. Leading the charge have been what I call price-action junkies.
They know the price of everything but the value of nothing, which is an attitude that we always see at peaks.
Without the lunacy in creditland over the past few years, none of these asset markets would have levitated to where they are.
But the price-action junkies featured on Bubblevision (CNBC) are unaware of (or unconcerned about) that,
as knowing the price of everything but the value of nothing has not been an impediment to success in the past year or so."
"To state the obvious, the equity market is in some sort of blowoff. Leading the charge have been what I call price-action junkies.
They know the price of everything but the value of nothing, which is an attitude that we always see at peaks.
Without the lunacy in creditland over the past few years, none of these asset markets would have levitated to where they are.
But the price-action junkies featured on Bubblevision (CNBC) are unaware of (or unconcerned about) that,
as knowing the price of everything but the value of nothing has not been an impediment to success in the past year or so."
Comments