Still looking for a top. Today, I saw a major signal for a possible top. I went to work out around lunch. I travel to another small town where there is actually a decent workout facility. Decent of course is relative. They have all the options but it is in a dingy warehouse sort of place. I am often times in there by myself with sometimes up to 3 or 4 other people if it is hopping. Well today, an individual came in who I have seen before. He starts working out on the elliptical, turns on the tv, and low and behold he turns it to CNBC. I couldn't believe it. I am the only one who ever turns on CNBC in this place and get strange looks when there is anyone around. I wanted to know if he was somehow a professional investor and started talking to him. Nope, just a hobby. He couldn't stand looking at the market last year and wishes he would have invested more in March but now it looks sort of interesting. I started getting sort of excited. A top must be close when the stock market makes it to a town of 5,000 in the middle of cow country.
I don't mean to say this indicates a top was made today (it may have been) but one more sign that the days are ticking down for this seemingly never ending rally.
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2 comments:
Great anecdote, Kaspar! Just a hobby...and an expensive one at that!!
My dad always told me that whenever you're cab driver starts talking about the market, it's time to get out, and this guy sounds like the metaphorical cab driver, for sure.
Where was that - Gonzales, TX?
Good guess. Yeah Gonzales.
It surprised me that is for sure.
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