Rebound? Forsooth, the Stars Tell It Otherwise

Contrarian's Delight

SAN FRANCISCO -- With the markets in rally mode today, a source noted the following: Arch Crawford, a newsletter writer whose market calls are based on astrology, told CNBC he's looking for a 1000-point drop within two weeks. Second, put/call ratios showed the heaviest put buying in six months. Third, USA Today's front page featured a story entitled "Stock Wealth Slipping Away: With This Setback, Bull Market Might Have Met its Match." Finally, Ralph Acampora, chief technical analyst at Prudential Securities, has gone neutral.

"Perfect time to stop going down," the source quipped.

Although CNBC dotes on Acampora, his short-term track record has been spotty and he's become something of a contrarian indicator to market players, as our source implied. ...