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    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 18 JANUARY: | ASX to fall, global equities lower | Neuroscientific is researching a potential cure for post-COVID lung damage |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 JANUARY: | ASX rises 1pc | US eyes Australian market as cannabis investment fund takes stake in Lifespot Health |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 JANUARY: | ASX to rise, $A eases amid greenback surge | Battery sector cries out for more graphite as shortfall looms |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 18 JANUARY: | ASX sheds 0.8pc | Tietto Minerals appoints COO to drive development of Abujar gold project | China, Hong Kong stocks climb on upbeat GDP data |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 18 JANUARY: | ASX to fall, global equities lower | Neuroscientific is researching a potential cure for post-COVID lung damage |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    Bloomberg Chart of the Day

    Jason Sen: FX

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“The Last Great Myth of Every Financial Euphoria”

Elliott Wave by Elliott Wave
Tuesday, March 13, 2018
in Commentary, News, Technical Analysis
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“The Last Great Myth of Every Financial Euphoria”
See how financial markets are governed by waves of optimism and pessimism — not cold reason

By Elliott Wave International

Beware of the “New Normal” in the Stock Market!

The January 2018 Elliott Wave Financial Forecast put it this way:

After two decades of Mania Era asset bubbles and sentiment extremes, what now seems normal to many investors is actually highly abnormal.

That’s right — many investors no longer fear asset bubbles. That is why too many will be caught off-guard when the Mania Era inevitably ends.

Many investors are not frightened by the phrases “stock market bubble,” “housing bubble” or any other type of financial bubble.

Because, by the time the talk of a bubble makes it into the news cycle, investors perceive the long rise in asset prices as the norm and “today” as “different.”

A classic Elliott Wave Theorist made the point this way:

It’s never irrational exuberance in the present, only in retrospect or in the future. To quote the White Queen, “The rule is: jam tomorrow and jam yesterday–but never jam today.”

For example, even as the bull market in stocks celebrates its 9th birthday, read these headlines:

  • There Is No Bubble: Why Stock Bears Continue To Cry Danger — Seeking Alpha, Feb. 7, 2018
  • There’s no reason to run from the stock market — CBS Moneywatch, Feb. 7, 2018
  • Stock market fall looks like a correction, not a crash — The Guardian, Feb. 6, 2018

Also think back to 2005, when housing prices were soaring and house flipping was the rage. In November of that year, the Elliott Wave Financial Forecast mentioned another fatal assumption about bubbles:

After Manhattan real estate prices collapsed 12% in the third quarter [of 2007], the NY Post asked “Could it be the bursting of the real estate bubble? Not exactly. There are no indicators that this is the beginning of a crash. Think of the current kinder, gentler bubble, not a catastrophic burst, but a reality check, a skimming of the froth, a round of requisite price corrections that is seen as a welcome necessity.” This is the last great myth of every financial euphoria; that the excess can be slowly “unwound.” It is exactly what was said about technology stocks in May and June of 2000.

Around the same time, this headline reflected the sentiment of then Fed chairman Ben Bernanke (Washington Post, October 2005):

There’s No Housing Bubble to Go Bust

Less than a year later, housing prices peaked in June 2006. But there was no “slow unwinding.”

Instead, home foreclosures skyrocketed through 2010. Some markets, like Las Vegas, saw housing prices plummet more than 60%.

Or, think back to technology stocks in 2000 — no slow unwinding there, either. This chart is a reminder:

Nasdaq78percent

Instead of a methodical and rational unwinding, the technology-heavy NASDAQ crashed 78%.

Here’s a more recent example of a bubble bursting: the October 2007 DJIA top followed by a 54% crash:

2007TopandFall

Financial markets are driven by emotion –optimism and fear — not by cold reason.

So, it’s a myth that financial bubbles are “rationally” unwound or deflate slowly.

Is Your Portfolio Built on False Assumptions?
Download this Free 33-Page Report to Find Out.

Did you know that the vast majority of portfolios are built on false assumptions? These false assumptions — or Market Myths — have been passed down across generations. They are so baked into investor psyche that no one ever thinks to challenge them… but we do. Do earnings really drive stock prices? Can the FDIC actually protect you? Is portfolio diversification a smart move? Download Market Myths Exposed now and find out whether your portfolio is built on flawed foundations. We guarantee you’ll be shocked to find the truth.

Sign up now and get FREE access to The Market Myths Exposed eBook.

This article was syndicated by Elliott Wave International and was originally published under the headline “The Last Great Myth of Every Financial Euphoria”. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

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