Who sold the Top?

We have heard many times about the smart money on the sidelines, waiting eagerly to enter the Market. That is a huge fallacy. As The Trader wrote in May/June, the smart money sold the Top, and stuffed the average Joe at the Top. From our June 3rd post;

Both Goldman (IPO 99) and Blackstone (IPO 07), top trading firms in the world, went public near the very highs over the past two great rallies. Today we are getting Glencore IPO priced. According to many, people at Glencore are even more intelligent than the Goldman guys. Is this another perfect market top timing?

Both Goldman (IPO 99) and Blackstone (IPO 07), top trading firms in the world, went public near the very highs over the past two great rallies. Today we are getting Glencore IPO priced. According to many, people at Glencore are even more intelligent than the Goldman guys. Is this another perfect market top timing?

and how did they time it? Well great. Smart money sold the Top yet again, and people still believe the fallacy of capital on the sidelines. Forget it.