Professor Elam

It is said that it takes an entire generation to have another crash. And it has been a Fibonacci 21 gnerational years since 1987. Former Wall Street employees are leaving NYC in droves. And thus it has always been. While Wall Street frims preach buy low sell high, they themselves do exactly the oppostite. Much of this selling is all by hedge funds scrambling to meet withdrawal requests, on the way down. Wall Street hired on the way up and bonused on the way up, witness the fat bonuses of Franklin Raines and John Fuld at FNM and LEH, now both gone bust a year later.  When you see entire cllasses of Ivy League firms wanting to work on Wall Street, you know a top is in the making. And waht a top it was, DOW 14,000.

It is Monday Oct 27 and the S & P is already down40 points. I suspect we will have a capitulation sell in celebratinon of the crash of 1987 21 years ago, that was a Monday also, remember?