Is everything too good?

Posted on May 13, 2013 by in Letters

Last week a number of issues gapped up, which we will illustrate shortly.  Now we almost never met a gap we didn't like but these are making us a bit uneasy.  Surveying the general scene and the composition of market participants -- especially the jackals who do high frequency trading and the ultra agile hedge funds -- we are thinking that the next top may not be identifiable with the usual tools.  This is just conjecture at the moment.  But it looks to us like the next top may be a V top, and occur with untold violence and speed.  You will remember that the 09 bottom was a V bottom.

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