To Believe in the Bull Is to Buy Into Big Lies

Thursday, July 15, 2010
By Paul Martin

By: Rick Ackerman
Thursday, 15 July 2010

We took a deeply skeptical view here yesterday of the buying frenzy that has pushed stocks sharply higher since early July. Not surprisingly, some market observers think the rally is the real McCoy – an entirely normal upthrust in an ongoing bull market. “The only question is, when will you admit you’re wrong?” asked a contributor, Keith P., in the Rick’s Picks forum. “[At Dow 12000? 14000? 18000? I’m just wondering. Will you be like the rest and say everyone else is wrong the whole way up — or at some point will you say, yes, I was wrong? I’m not bashing you at all,” he continued. “You kept us in many long positions the whole way up. You’ve done a great job. I’m just saying I expect new all-time highs in the market within a year or two. There will be no crash, no depression. We are not on a gold standard like in the 1930s.”

The Rest…HERE

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