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Dow is 23,000 Points Overvalued

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

I always feel like I’ve got an arm tied behind my back when I’m traveling. Actually, it’s much worse on a plane. You’d think after all these decades, their WiFi would be rock solid, but it reminds me of the days of modems and acoustic couplers. Totally unreliable.

But I’m doing all right at the moment, since I’m still on firmament. As such, I was nauseated to see on Sunday how all the equities were, once again, puking higher.

I have a powerful ally, however, in the form of crypto. What I mean by that has nothing to do with crypto trading per se. I think these charts serve another purpose right now, which is as a guide to the animal spirits. In other words, as we look at the mountain of resistance with Ethereum……..

……and Bitcoin……………

My view is that this battle is nearing an end. Equities are so comically and laughably overvalued that these animal spirits, once they are truly scared, will flee in abject terror from reality.

And as we approach the opening bell on Monday, my nausea with NQ has abated. I’ve said it before, and I’ll say it again. The Dow is overvalued by about 23,000 points. It would take an historic bear market to restore sanity to the financial system.

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