Club Misery +1

A long-time subscriber has a great nickname for gold stocks and gold stock investors.  That nickname is Club Misery.  Comfy US stock market bulls, so well tended by Big Daddy’s policy for so long, are starting to wake up and feel just a tiny bit of it now too.  Yet there is an embedded confidence in place that was not there even 2 years ago when we began to note real indicators for coming strength.  The bulls now think…

Big Daddy Momma will weaken the dollar, create more credit and do what ever it takes to get me comfy again!  Frankly, I am not used to discomfort.  I am simply going to click the heels of my ruby slippers and await more seed corn to devour because I am set in my thinking now.  I watch CNBC and Jeremy Siegel is resolute and smirking (now that’s confidence!) and the other guys sound a little cautious short-term but even Jeff Saut does not question this secular bull market.  Maybe I am not so miserable after all.

And do you know what?  Our dullard bull here could be right.  Personally, I find no need to define this other than a satisfying disturbance to a robo market that drifted ever upward on policy and then on momentum to over valuation.  My big picture fundamental view is that it is and has been bogus with respect to real fundamentals (not the PE’s and growth metrics all built upon destructive policy that they talk about incessantly in the mainstream financial media), but that policy’s windmills can keep turning longer than you can tilt at them.

So for me, if this has been a market top I’ll be happy.  If it is a big buying opportunity in the making, I’ll be happy because the damned thing is now trade-able both ways and the macro is moving.  There will be opportunities aplenty going forward and I don’t just mean long or short the stock market.  Too much to go into in one post, but I now declare Robo Market dead.  It is still a FrankenMarket however, as it has been since I began my public writing journey a decade ago.

Anyway, here’s the venerable one… the headliner of headliners, Mr. Dow making his lower low today and introducing himself to the other Club Members.  I expect a savage market bounce back soon, but as noted in an NFTRH+ update earlier, these breaks of trends can be considered like scouts for what may still lay ahead on the near to medium term.  Doing the work of identifying support and resistance levels in service to being prepared is going to be fun.  Robo this.