It’s beginning to look a lot like market top

[onlooker]

JDH today:

So let me get this straight: some guy had a fat finger, and the market dropped 1,000 points? That’s possible, but I think it’s more likely that the market was looking for any excuse to fall, and it did. It’s not beginning to look a lot like Christmas; it is beginning to look a lot like a market top.

One possibility is that we get a bounce.

3. The market, as represented by the S&P 500, got close to the key Fibonacci retracement level of 1,225 (it got to around 1,218 on April 26 at around 11:30 am), but it didn’t go through it, so we must conclude that technically we remain in a bear market.

I think there will be a bounce.  And perhaps the S&P 500’s key massive resistance level of 1,225 will eventually be well overcome.

Still, I have taken my modest profits and made an exit out of the markets back to the sidelines.  As of today, I am about 95 percent in Canadian dollars.   

I am content with applying this investment rule by Jim Rogers - Do Nothing.

 “One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people always have to be playing; they always have to be doing something. They make a big play and say, “Boy, I am smart, I just tripled my money.” Then they rush out and have to do something else with that money. They just can`t just sit there and wait for something new to develop.”

[MetalMeister]

I am becoming more wary of having cash on hand.

Mentioned in the Peak Oil William's thread about going to all physical silver with my cash, but have not made a move yet.

You might be safer in Canada.

I am going to post some King World News interviews when I finish in a few minutes.

VERY interesting as to insight for the near future.

I have been saying all along this this bear dead cat bounce has been fake from the time that we were in the 6000s over a year ago.