Bungee markets achieve purpose…

Posted on Aug 13, 2011 by in Letters

Assuming that the  purpose of the market (the market always has a purpose) was to nauseate everyone and make them want to throw up, the purpose has been achieved.  Bungee jumpers like ourselves who just want to see if the cord will snap back had a ball.   Investors threw up all over the Street.  But if you know what's going on you can enjoy watching the herd rushing back and forth -- and you can even make money off it.  The hidden agenda of the last week was:  "Shhh--buy now before the herd catches on...  Bargains galore."  This is what the market always says as it is putting in a B wave.  What the market says as it is putting in the C wave is: "Gotcha!"

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