understanding market tops
TRANSCRIPT
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8/10/2019 Understanding Market Tops
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Q\ ENIRC ]@OEN]FIENRI@ 2= \.
_hmorstnhmfhkEnrdot ]cpsEnri` 2=
Ichtohts
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_hmorstnhmfhk ]cps ........................ 2
\rovfcus Enrdot ]cps7 n ^ufid
Cvorvfow ......................................... 1
Icrpcrnto Nitfvfty7 [oro Yoofhk
]ypfinj Yfkhs ca Enrdot ]cps .......... ;
Iromft Yfkhs ca n ]cp7 ]cmny Jcts ca
Guhd Mobt nhm Qory Jcw unjfty.... >9
Qnjuntfch7 Rnrojy @ns t`o _Y Enrdot
Booh Yc Cvorvnjuom ..................... >1Oichcefi sfkhs7 Yc Anr hc Mcwhturh
ca Jonmfhk Fhmfintcrs ..................... 2>
Enrdot ]oi`hfinjs7 Yc Anr Hc Yfkhs
ca n Yfid Enrdot ............................ 2=
Yohtfeoht7 Yurvoys Oxtroeojy Bujjfs`
nhm Aow Bonrs .............................. 2?
\uttfhk ft Njj ]ckot`or .................... 20
Fh t`fs ropcrt, wo wfjj cutjfho `cw tc roickhfzo enrdot tcps w`oh t`oy ciiur.
Ovory enrdot tcp fs sjfk`tjy mfaaoroht, but t`oy njwnys `nvo enhy t`fhks iceech. ]`oro nro njwnys tojj-tnjo sfkhs fh oichcefi mntn, enrdsohtfeoht, inpftnj enrdots nitfvfty, icrpcrnto nitfchs, oti. [o wfjj jccd `fstcrfinj enrdot tcps7 2
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8/10/2019 Understanding Market Tops
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www.vnrfnhtporioptfch.ice
Q\ ENIRC ]@OEN]FIENRI@ 2= \.
YFKHY CA ENRDO] BC]]CEY NHM ]C\Y
Enrdot Bcttce Yfkhs Enrdot ]cp Yfkhs
Icrpcrnto IcrpcrntoNjecst hc E&N [nvo ca E&N nhm/cr jovornkom buycuts
Njecst hc F\Cs Enhy jcw qunjfty F\Cs
Njecst hc s nro buybnids Jnrko s`nro buybnids
Mfvfmohms nro iut nhm inpox romuiom Mfvfmohms nro joss iceech nhm inpox surkos
Icrpcrntfchs acius ch mojovornkfhk @fk` mokroo ca icrpcrnto jovornko
Njecst hc how echoy acr vohturo inpftnj Qohturo inpftnjfsts nro vfowom ns `orcos
Enhy bnhdruptifos nhm eui` mfstross Ins` ajcw fhsuaafifoht acr enhy icepnhfos, but cbtnfhfhk jcnhs
Icepnhfos rostnto afhnhifnjs nhm wrfto mcwh nssots Niicuhtfhk boiceos ecro quostfchnbjo
Qnjuntfch Qnjuntfch
Jcw prfio tc snjos nhm OQ/OBF]MN @fk` \rfio tc snjos\O's eny bo mfstcrtom by jcssos, but enhy vory jcw IN\O Y`fjjor \O `fk`
Enhy icepnhfos trnmfhk bojcw bccd vnjuo Icepnhfos trnmo nt enhy eujtfpjos ca bccd vnjuo
Enhy icepnhfos trnmfhk honr hot wcrdfhk inpftnj Aroquoht vohmcr afhnhifhk ca wcrdfhk inpftnj
Oichcefi OichcefiIohtrnj bnhds `nvo onsom acr nt jonst sfx tc twojvo echt`s Iohtrnj bnhds tfk`tohfhk pcjfiy
Bufjmfhk porefts `nvo moijfhom acr n yonr Bufjmfhk porefts nro anjjfhk
Jonmfhk oichcefi fhmfintcrs nro jcw but jchk jonmfhk rfsfhk Jonmfhk oichcefi fhmfintcrs turhfhk mcwh
Roiossfch moijnrom caafifnjjy, hows fs stnjo Ecst oichcefsts mcubt roiossfch
FYE ns booh hokntfvo acr echt`s FYE pcsftfvo but turhfhk hokntfvo
FYE How Crmor tc Fhvohtcry turhs up FYE How Crmor tc Fhvohtcry ]urhs mcwh
Enrdot Enrdot
\rovfcus mnrjfhk soitcrs nro `ntom Qnjuo enhnkors nro jcsfhk t`ofr roputntfchIromft spronms nro wfmo Iromft spronms nro jcw but rfsfhk
Iromft fs tfk`t nhm chjy nvnfjnbjo tc `fk` qunjfty bcrrcwors Enhy bchms `nvo jcw/guhd rntfhks
Enrkfh mobt romuiom nhm s`nrpjy hokntfvo yonr ch yonr @fk` yonr cvor yonr fhironso fh enrkfh mobt
Aroquoht opfscmos ca `fk` vcjueo sojjfhk nhm pnhfi Aroquoht mnys ca ijfenx buyfhk
Vfojm iurvos `nvo booh stoopohfhk acr echt`s Vfojm iurvo fs fhvortfhk cr ajnttohfhk
Qcjntfjfty fs `fk` acr n sustnfhom porfcm Qcjntfjfty fs jcw but rfsfhk
Ijcsom ohm auhms eny trnmo nt mfsicuhts tc nssot vnjuo Ijcsom ohm auhms trnmo nt proefue
Yfx echt`s ca "mfstrfbutfch", f.o. ecro how jcws Ecro how jcws t`nh how `fk`s
2< tc ?< wood wch't turh up uhtfj rnjjy `ns njronmy stnrtom 2< wood ?< wood hokntfvo ircsscvor
Nmvnhio-Moijfho boiceos ecro pcsftfvo Nmvnhio-Moijfho turhs hokntfvo
Mcw Enrdot pcsftfvo mfvorkohio Mcw Enrdot Hokntfvo Mfvorkohios
Enrdot njronmy mcwh 2