I remember being 18 (that was the legal drinking age in New York at the time) and in a tavern with Tom, a friend of mine. We were both drinking Buds. I stopped at four. He kept going. We played some pool. He was unimpaired as he quaffed his 11th. Then, as he started his 12th, all of a sudden, he fell to the floor hard, unconscious. This market is on the equivalent of its 9th or 10th or 11th. It has stamina, it has strength. But when it reaches its limit, it just may fall hard. Now, I didn’t know where that limit was for Tom, and I don’t know where it is for this market, but I do believe that when this market hits its limit, it will not send out early warning signals of its fall, any more than Tom did. As I’ve written often, the market never looks better than on the day it hits its high, (and it never looks worse than on the day it hits its low). We’re currently on the sidelines, and I’d rather miss the fireworks than get burned by them.
Have a great weekend, thanks for the opportunity to be of service and I’ll email you again before the start of Monday’s trading session.
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