Tuesday, June 05, 2007

Blogger Quotes: Tim Knight is Numb

There was a time, not long ago (like, ummm, early last week) that I would have felt cheated and flustered by the Chinese market's tumble not having a bearish effect in the U.S. But at this point, I am so utterly distrustful (and numbed) by this market that I'm not at all surprised.

The Shanghai index fell the equivalent of over 1,100 Dow points last night, and our market - of course - went up. I truly believe - and I am seriously not exaggerating - that a nuclear bomb on a major city would not cause a major disruption in this bull market. I swear to God, this market is insane, and even the death of a million people would not stop it. It has lost its mind.

--Tim Knight

This market is inanely bullish, ain't it. There is not reason for it, but yet it keeps going up. This is precisely why I will continue to play the long side . . .until being long no longer works. In this market, a dip like today will likely be snapped up tomorrow.

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