(Some of) the technicians were looking at a lot of money on the sidelines, a rally that looked like it was cresting, a lot of profits to be locked in - and anticipating a big correction.
There's a lot of luck to it and maybe even some feedback so its sort of a joke but Ritzholz cashing out (and blabbing about it) by yesterday, and turning to shorting opportunities, just confirms that he's a Sooper Genius.
http://www.ritholtz.com/blog/2010/05/market-changes-tone-dur...
and one day ago:
http://www.ritholtz.com/blog/2010/05/cash-100/
(Some of) the technicians were looking at a lot of money on the sidelines, a rally that looked like it was cresting, a lot of profits to be locked in - and anticipating a big correction.
There's a lot of luck to it and maybe even some feedback so its sort of a joke but Ritzholz cashing out (and blabbing about it) by yesterday, and turning to shorting opportunities, just confirms that he's a Sooper Genius.