9/28/2015
Iggy:
“Anyway, it looks like we are looking for a re-test of the August low. I would say the we will probe the 1820 low from 10/15/2014. From there if we go below 1800 who knows?â€
Reality:
9/28/2015 marked the absolute low point for the S&P 500 at 1881. Since then it has risen about 11%.
Conclusion:
It would have been impossible to make a worse call than Iggy did.
///////////////////////////////////////////////////////
9/26/2015
Iggy:
“It is shocking to me that most people who should be informed about the market are clueless to where we are headed. One can clearly see that the trend is in place and it is down. I don't think that even Janet can save us now. In my view Dow 13,000 is an easy marker.â€
Reality:
On Friday, 9/25 the Dow stood at around 16,300. On Monday, 9/28 it dropped to around 16,000. That one day drop was about all the dropping that it did. It has since risen about 11%
Nice call, Iggy. You must have been excited that the market went in your direction for all of one day!
////////////////////////////////////////
9/28/2015
Iggy:
“Now, risk has entered the psyche of investors, where it has been absent for sometime. The rally is now sold and will continue to be sold in my opinion. Valuation becomes important in giving one the sense of how far this can go. Quite a bit lower in my view. Enough to win my bet with POTO.â€
Question:
Quite a bit lower than the absolute lowest that it got?
//////////////////////////////////////////////
9/26/2015
Iggy:
“Here is how we get to Dow 13,000. Distribution is taking place, where strong hands (institutions) are selling to weak hands (individuals). In the next phase buyer volume dries up as potential sellers wait for better prices that never come. Discouraged traders and novice investors cash in their chips at the bottom.
Comment:
This last part is great – “novice investors cash in their chips at the bottom†Why would they do that? Because they think it is going a lot lower? Sound like anyone we know?