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Snapchat and the Disappearing Bears in the Stock Market
January 30, 2014 9:30 pmVideo
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If Inspector Gadget or Maxwell Smart had lived in the digital age, their bosses would have used the smartphone app Snapchat to deliver their secret missions.
Snapchat is a popular app with about 8 million users that lets your smartphone send a photo that self-destructs seconds after your recipient views it. As of September 2013, users were sending about 350-400 million vanishing messages a day — which compares with the 127.5 million shares that changed hands in the Dow on Jan. 27, 2014.
But when Evan Spiegel, the Stanford student who came up with the idea, unveiled it to his product design class in 2011, his classmates gave it a thumbs-down. Disappearing photos? Who will use it? Little did his classmates know how the app, originally called Picaboo, would go on to capture the attention of teenagers and young adults. And even a few older folks who want to connect with them, such as 51-year-old Senator Rand Paul, who recently signed up to woo younger voters.
The idea of the disappearing photo applies beautifully to the situation in the stock market today. Pessimists on stocks are disappearing quickly. And so are bearish analysts. Not in 10 seconds, but they are still doing a version of a Snapchat disappearing act. Here’s how The Elliott Wave Financial Forecast describes it (emphasis added) in this excerpt from our just-released 2014 State of the Global Markets report:
But what does it mean for the markets when most of the bears capitulate to bullish optimism? Not exactly what you might think. Here’s how the article continues:
Is that what you expected to read?
Elliott Wave International has been sending out pictures (that is, charts) of a bearish market for a while now — and they do not self-destruct in 10 seconds, a month or a year. No Snapchats of a bear about to turn bullish here. And if you want to get EWI’s take on Snapchat itself, read on:
You can get more of this kind of clear-eyed analysis in EWI’s new annual report, The State of the Global Markets — 2014 Edition. EWI is offering some of the choicest selections culled from the 50-page report to Club EWI members.
Sign up to get access to The State of the Global Markets — 2014 Edition >>
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