Posted on May 15, 2014 by in Featured Letters



Barely had the SPX made a record high when contrarians jumped on the vulnerable issue and smacked the hell out of it.  Vulnerable because the high was made on weak volume as may be seen here.  The high appeared to be a breakout, and we remarked at the time that we had no confidence in it and declined to add on to our position which we often do at new highs.  Now contrarians have taken the market down pretty hard.

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