The Popular Delusion That Keeps on Giving

by Rick Ackerman

We know to expect a selloff when it seems as though the stock market can only go higher the next day. That’s how things felt at Wednesday’s close, at least to me, and so I should probably be looking over my shoulder if I get caught up in whatever bullish madness grips traders Thursday morning.

Even if shares were to sell off hard for the next couple of days, I’d keep well in mind the very bullish target flagged in my latest E-Mini S&P tout. It’s compelling enough to make one forget, at least for a while, that the rally is unsupported at this point by anything save bullish hubris.

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