Why Dow 28,000 could mark that ‘blowoff top’ bears have been predicting – MarketWatch
And with that panic, Smith believes that the recent pop to new highs in the stock market could finally mark that elusive blowoff top.
“The financial media is loudly declaring the current blowoff top in stocks is not a blowoff top,” he said. “The delicious irony here is these denials are reliable markers of blowoff tops: the louder the denials, the greater the odds that this is in fact the blowoff top that many pundits have been expecting for some time, but always in the future.”
Smith pointed out that the media denied it in the fourth quarter of 1999 , and then did it again in the housing market in 2006. Even well before that, the pundits clearly weren’t expecting the market’s rally in 1929 to turn into what it did.
That’s the thing about blowoff tops, they’re a lot easier to see in hindsight.
There is no panic in the back rooms. Nope, not one little itty bit. Believe Trump, who is the biggest, bestest liar of them all.