RE: It's official ... the joke's on meHB,
I say tunnel vision because lately everyone everywhere is focused on what price the mkts tops, and the last few bears left are simply praying for a small dip or correction to exit their short positions. This is the opposite of at the end of August when there were no bulls to be found in the sentiment numbers. I warned then that was tunnel vision, and what would happen to the bears this fall. At that time the S&P was 1040 and FAS $17.
Nobody is seeing the big picture currently and that is tunnel vision again.
To catch a big move requires a lot of patience, and particularly that is true when calling tops. Especially with these triple etfs, when the moves are magnified, a few dollar move just isn't all that significant in the bigger picture. Timewise I don't think anyone who shorted the mkt in July or August 2008 would have been all that disappointed in having to wait a month or 2 for a huge profit while most investors were crushed.
Nobody likes to be in a losing position for any length of time, and I am sorry that I was early, but I'd much rather be an early bear than a bull right now who caught the xmas rally, but then get's blindsided in the crash.
SC
This is my post from August 25th 2010:
I'm 100% sure. The chart that nobody is noticing right now is the weekly S&P. Take a look back to 2008. We are in a multi-year triangle. Support tested this morning and held firm. Next we test the top of the triangle which is where my Sept target of 1160 S&P comes in. This target also confirms with my other studies. Everything is lined up with no mixed signals imo. For FAS $30 to $32 max.
Everyone is focused on the very short term charts right now. It's time to take a step back and focus on the big picture - the weekly chart. In a way mkts are battling between the short term and long term pictures.
Between now and Monday, I believe mkts will gap up in a huge way, and continue to rally strong from there for weeks.
This is the last chance to unload FAZ and either sit in cash, or load up on FAS imo. Now remember when the mkt rallies hard DO NOT listen to the media or the masses. They will all be exclaiming "new bull mkt" at the top. If one buys FAS here, then have to sell once it rallies and move back into FAZ!!!
SC