And just to be clear…. I’m NOT saying that we can’t have a 7% drop from these levels! What I’m saying is SHOW ME in the charts… ANY chart, that is showing anything resembling a 7% drop from here. Until the charts show some signs of at least a short term reversal, what’s the point of insisting a 7% drop is coming?

From Wikipedia: CONFIRMATION BIAS: A series of psychological experiments in the 1960s suggested that people are biased toward confirming their existing beliefs. Later work re-interpreted these results as a tendency to test ideas in a one-sided way, focusing on one possibility and ignoring alternatives. In certain situations, this tendency can bias people’s conclusions. Explanations for the observed biases include wishful thinking and the limited human capacity to process information. Another explanation is that people show confirmation bias because they are weighing up the costs of being wrong, rather than investigating in a neutral, scientific way.

Hey aturchin – Thanks for chiming in. I like Randy’s analysis as much as the next guy, otherwise I wouldn’t be here. All I’m asking for is a little more objectivity, as in like not absolutely INSISTING a 7% correction is right around the corner, and calling people who are buying at these levels “fools” (and yes, I’m paraphrasing that, but it’s exactly the essence of what he said).

How is calling people who are buying at these levels fools being objective? It’s not. It’s looking at the markets through your already filtered opinion on what you think the final outcome is going to be. It’s called CONFIRMATION BIAS and it’s a very important part of human psychology. And I can already see by your insisting that a 7% drop from these levels is right around the corner, you might want to study a little bit about these types of tendencies as well. Anyway, best of luck with your 7% drop.

Very possible, but there certainly has been some bear porn here with some traders still short from weeks ago. How much do technicals matter when the Fed can ramp this thing overnight, or a stupid tweet. Gap higher, levitate. Terrible economic reports and fundamentals just dont matter. Well, until they do.

AlexCN, that is a hilarious suggestion. You think Randy, one of the most accurate technicians ever, should change his analysis to your opinion?!?! Personally, I prefer if he keeps giving us his unbiased analysis based on his objective technical analysis. He is very clear about his analysis and its completely unbiased. He talks about where a bull might go into the market and with what stops as well as discussing what would need to happen to change his analysis that we are in topping mode. I for one am very confident that we are at a relatively big top right here OR we have 7% correction here and then slight new high to 3170 area before the sizable correction we are going to have in 2020.

Check the diversion between SPY and MTUM in stockcarts.com:

http://schrts.co/ZVaKzmzp

The diversion usually kicks in a month.
Romario

These are not some BS ‘fake’ rallies either. Maybe do a video or 2 throwing out your assumptions that the market has to have a big correction right here, and instead some analysis on where the market MIGHT be going if it’s up from here.

The market is nowhere NEAR a 2008 style collapse, in fact, it’s close to the opposite. Anyway, for your own sanity, it might be a good idea to consider a real BULLISH tone to the market right now instead of just waiting for the next collapse.