The #MysteryBroker says unequivocally that most of tech is in a bubble and near a peak. He notes that a technology or Internet bubble happens every 15-20 years (1968, 1983, 2000, 2020)...
The #MysteryBroker cites much of what we’re all looking at: wild speculative momentum in flimsy EV businesses, the mad rush into the IPO ETF, the SPAC cash grab, credulous and dramatic stock surges responding to analyst hype and, yes, the bitcoin quote graphic on CNBC...
The #MysteryBroker says we’ve “entered the last hurrah for growth and speculative stocks.” It will pressure overall market but not necessarily drive across-the-board losses...
The #MysteryBroker continues to expect a sharp, brief market correction in January. But value/cyclical stocks can still do fine – for years even – as happened after tech peaked in 2000...
Feel free to write off #MysteryBroker’s call of a tech bubble. He’s been in the business since the mid-‘80s. Some see long experience as an advantage and others who figure it’s an impediment to embracing the future. This divide also existed in ’68, ’83, ’00.
Need to catch up on #MysteryBroker calls, as people keep asking.
Last reported check-in was March 4, when he thought the late-February S&P 500 low would hold at 2950 and if not "will not go much lower."
It absolutely did not hold, went much lower: fell 24% the next 19 days...
The night of March 23, reviewing what the “most oversold levels ever,” #MysteryBroker called it “one of the greatest all-time panics in the history of the stock market..."
On March 23, #MysteryBroker said the low was close, within days, said virus-case growth would peak within 20 days and “when we finally bottom we will have a few up days that will likely not allow investors to get back in...."