Although, my latest call for a Nasdaq top appears correct, so far, I have been as guilty as anyone of calling for it, prematurely over the last few months. I just read in today’s Barron’s a tidbit that confirms, that we have seen the NASDAQ top. Besides the charts, the fundamentals and other assorted indicators, this final piece of info confirms the NASDAQ 100 made it’s high on November 5th. A strategist was quoted as suggesting writting calls on the NASDAQ, because unlike the majority of the time of it’s 12 year bull market, the premiums on the calls are actually higher than those on the puts, which is a reversal of the usual case where puts are bought as insurance against a decline, since most portfolio managers have substantial holdings in the stocks that make up the index. I have offered the catalyst of the change of FED chair as a reason (excuse) for the stock market to take a major hit soon. If that isn’t it, there will be something else to blame, but to quote Howard Cosell regarding a famous heavyweight fight, “down goes Frazier” will be, down goes the NDX and the rest of the stock market with it. For how long of a count is unknown, but this bout is over! (I expect the selling to begin no later than when the asterisk signs the infrastructure bill early this afternoon.)