"You buy everything you can"
How did we become a society of all-knowing dunces? People who think they know everything when in fact they know nothing. A week ago, dunces bought the recent highs on the premise of a "Remain" vote. When that collapsed, they immediately bought the "Brexit" and when stocks rallied they said it was a sign that Brexit has no impact on the world economy. Holy fuck...
CNBC July 1, 2016
Getting to Smash Crash from all time highs...
""You try to buy everything you can...When the market was pushing on new highs the Thursday before the vote, everyone was betting on the market. The market might have been wrong about the vote, but they're not going to be wrong about the impact."
This is Elliott Wave Theory (Social Mood) in action - people buying stocks and then justifying the reason after the fact. Caught up in their own happy idiot feedback loop.
Panic buying visualized
NYSE Tick:
Getting to Smash Crash from all time highs...
In addition to the panic buying above, this chart shows the Rydex cash balances with Global World stock index ex-U.S.
Because unfortunately Brexit was merely the wafer thin mint:
And lastly, there is absolutely no support underneath this market, because institutions have been selling into this top for TWO YEARS straight:
Price / volume
200 dma:
With Johnson & Johnson
Lockheed Martin
Transports
Doh!
