"But
then there are people out there that are trying to make careers out
of issuing bold and crazy sounding predictions about the stock
market and economy. Some of them have just gotten big in the past
year and to me sound like astrologers. I've had enough of
it."
This guy's track record is not quite as he paints it in his free
posts. I used to subscribe to his service while I was a bit
of a gold bug. In late fall of 2005, right before gold made a
huge run, he sold out of all his gold stocks in anticipation of a
10% down move. Oooops, it was a 50% up move that he avoided.
In 2006 he issued a "bold and crazy prediction" about how we
are entering a massive bear market.... the market continued up!
He claims to have caught the top of the market and shorted
for massive profits.... in fact, his main thesis at the market top
was how gold was going to the moon and how he was heavily invested
in gold stocks -- RIGHT AT THE TOP!!! What is funny is how
when he takes on these massive positions at the wrong time (in
volatile sectors), he seldom brings it up again, but will say in
hindsight that he was stopped out for breakeven. Yeah
right.
He didn't catch any of this bull market run so far.... none of
it!!!!! He was sitting in cash. Maybe he bought up full
positions last Monday? That is what he was hinting at in his
article.
I know that nobody is perfect, I just find it hypocritical of
Swanson that he is telling us to be cautious of people who try to
lure you in with bold headline predictions... he is the most guilty
culprit!
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Some history on Swanson....
Is Mike Swanson right???
Posted by kalinm on 24th of Aug 2009 at 10:31 am
"But then there are people out there that are trying to make careers out of issuing bold and crazy sounding predictions about the stock market and economy. Some of them have just gotten big in the past year and to me sound like astrologers. I've had enough of it."
This guy's track record is not quite as he paints it in his free posts. I used to subscribe to his service while I was a bit of a gold bug. In late fall of 2005, right before gold made a huge run, he sold out of all his gold stocks in anticipation of a 10% down move. Oooops, it was a 50% up move that he avoided. In 2006 he issued a "bold and crazy prediction" about how we are entering a massive bear market.... the market continued up! He claims to have caught the top of the market and shorted for massive profits.... in fact, his main thesis at the market top was how gold was going to the moon and how he was heavily invested in gold stocks -- RIGHT AT THE TOP!!! What is funny is how when he takes on these massive positions at the wrong time (in volatile sectors), he seldom brings it up again, but will say in hindsight that he was stopped out for breakeven. Yeah right.
He didn't catch any of this bull market run so far.... none of it!!!!! He was sitting in cash. Maybe he bought up full positions last Monday? That is what he was hinting at in his article.
I know that nobody is perfect, I just find it hypocritical of Swanson that he is telling us to be cautious of people who try to lure you in with bold headline predictions... he is the most guilty culprit!