My problem is groupthink and convention. This human need to cluster with people of a like mind and carry forward into battle with your particular flag held high.
Well, that does not work so well in the financial markets. It's automatic thinking, and it can get you killed. There should be no clubs, like Team Bear, Team Gold, Team Silver, Team Commodity Complex and certainly not Team Stock Bull. The market just is... Joining up imposes mental restrictions upon the market participant.
What happens when the market eventually goes against you? Sure, some of your team mates are there to console and reinforce perceptions until it is all okay again. Some are long gone as you hold your bag, and flag.
Anyway, two things today got me on this. One was a Facebook exchange with a gold and silver advocate... and the other is an email that came in from blog reader Mark. I want to make one thing clear; before I began writing publicly, I thought all financial services professionals were dumbasses at best, and totally uncaring about clients' welfare at worst. Now I realize there are many - including those in NFTRH's subcriber base - who are all about doing the right thing, including Mark here...
Hi Gary,
Once again I must congratulate you on your Dow target of 11880 having been reached today.
Matt and Steve at BPTrades (I'm a subscriber) have this area as a potential top of some significance.
A major decline here would fit nicely with Martin Armstrong's ECM major turning point due on June 13, 2011.
Mark
P.S. I've had my own independent financial planning practice for 33 years. I take no offense at your jabs at our industry. I agree with you. 99% of my peers are morons. My entire practice has been a market timing practice for the last 20 years.P.P.S. I also am an original subscriber to Jeff Kern at SKI.
http://www.biiwii.blogspot.com
