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Greetings RTers,
I have been asked to be more detailed and insightful about the following
statement that I made:
"I think this thing (meaning the stock market) is going to go up until it
stops going up".
I posted this in response to a prediction that the market was going to advance
to a certain level, then fall off to a lower level. I was not trying to be
funny, or cute, or
disrespectful to this forum. If any of you, my esteemed colleagues, took it
that way, then I must beg your pardon!
However, the point I was making is as follows. We are in such an OVERWHELMING
up trend that someone trying to predict its end based upon
whichever methodology they are using (be it Gann, Elliot, Astro, Classic Tech
Patterns, bone throwing, etc) is almost doomed to failure before they start.
The trend is UP. The trend will not turn down until it turns down. When will
this happen?
I DO NOT KNOW. Neither do any of you. But the best method to trade this market
is simple trend following indicators and those indicators are pointing up.
I believe that folks telling us the market will turn at such and such a price,
WITHOUT telling us what type of methodology they are using, are doing this
forum a disservice.
Now I will sit down and be quiet. I feel better now.
Good trading,
Peter
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