And in the you-heard-it-here-first file, some nice fella just penned an article for Bloomberg View entitled Bill Ackman's 'Moby-Dick' Bet Against Herbalife.
Looks like he may have gotten the idea from someone you know several days ago. Ha.
Ms. Market* seems to be laughing too. Not at this nonsense of course, but at the continued folly of man. Yesterday on Fast Money there was ample dissing of "all the permabears" -- the problem is that the latest figures from Investors Intelligence (which you can get by reading Steve Hochberg's Short Term Update from Elliottwave International) show the most extreme bull/bear ratio (extreme bullishness) since 1987.
The Nikkei got whacked last night, and there is a developing impulse wave down in the DAX that is ominous, because it looks just like e-mini futures. This chart is from my Stocktwits stream from Wavepatterntraders if you like Elliott wave.:
This is the same sort of thing that looks like it's trying to develop in the cash S&P. With futures not showing any follow through to yesterday's closing bounce, 1777.23 (cash) looks like it may be a target.
This does not mean the top is in, as the market could continue to subdivide higher, but with the Nikkei and all of Europe down hard today (with the DAX looking like it is indeed changing its trend to the downside) something may be in the wind.
Only above 1810.02 at this point would break the structure.
* I view the market as female.
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