“It’s a dog-eat-dog world, and I’m wearing Milk-Bone underwear.”
—Norm (from Cheers)
“Chaos is a friend of mine.”
More than five decades ago, the legendary trader W. D. Gann described a market top:
[Market tops are chaotic] with wild fluctuations, high volume and great activity; a feverish public buys madly; people wait for reactions, get discouraged, and buy at the market; fortunes are made in paper profits, yet less than 10% will ever cash in. The first sign of the end comes with a sharp break on no news (possibly at the open). This is the warning. Then a second rally may come to approximately the high point and could hold for awhile but THE SATURATION POINT IS REACHED; THE END IS NEAR; EVERYONE IS LOADED ...