If you have been following this blog for sometime, then you know Wall Street Reporter has had an uncanny track record in picking market turning points over past few years. How do we do it? Simple. We selectively follow smart investors. Now the smart money like Doug Kass is saying the market has topped out for 2010. This makes alot of sense. All the “good news” is out. Republican victory, QE2, etc, etc. What are the odds of sustaining a parabolic up move like we have since September? Very, very slim.
We are reminded of Marc Faber’s reccommendation in January 2010 to “sell stocks and get drunk (on cheap Thai whiskey)” because stocks were unlikely to repeat the mega performance of 2009’s rebound.
Now “to be clear” (as Obama likes to say) we are very selective in following Kass. Why? Because he is sometimes wrong. That’s when we avoid his opinions. But if you want another technical perspective check out this link