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这个是两个礼拜前的
Good Day
One thing I noticed recently from Investors Intelligence is this Bulls/bears difference; this shows how bullish the markets are. The bulls reached highest level since October 2007 all-time market peak, we all know what happens after that – we experienced the worst equity disasters of the past half century. I’ve also attached a chart of Dow Jones Industry to give you a clearer view.
I don’t think the similar crash is going to happen because US economy is currently very healthy, however we do have to be cautious at this confidence level. In Berkshire’s 2004 Chairman’s Letter Warren Buffett wrote one of his most famous quotes all time “Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are reedy and greedy when others are fearful.” The market is hot now and this is exactly the time we should be fearful since people on the market are at their highest optimistic level.
Another thing I’ve noticed is although the market is making new highs a lot small cap stocks in our market is going down, this is normally the sign of market internal weakness. Again that provides another signal for us to |
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