A so-called "golden cross" appearing in the Dow Jones industrial average chart tends to give technical analysts confidence in an upcoming bull market rally. But Brian Belski, chief investment strategist at BMO Capital, is not convinced.
"It's so exciting that the technicians are bullish," Belski sarcastically told CNBC's "Worldwide Exchange" Wednesday, in reaction to the golden cross chart pattern. "These are the same people that were saying the world's coming to an end at 1,800" on the S&P 500.
A golden cross occurs when the Dow's 50-day moving average trend line crosses above an ascending 200-day moving average.