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Huh?
Girish Patel
Victor Weintraub wrote:
> Two weeks ago I posted that the FirstCapital Market Direction System had
> given a negative signal and a top was begriming to develop in ernest. It now
> appears that the top is here. The following is an excerpt from Stock Market
> Timing the URL is:
> http://www.firstcap.com
> It is free.
>
> It appears to me that the market is establishing an important top. Important
> for two reasons. First because it is developing as a well defined classic
> combination of rapidly deteriorating market internals along with a falling
> FirstCapital Oscillator. We have also seen many of the anecdotal signs that
> some armature market watchers consider important at tops, such as frothiness
> and speculative trading (the Internet Stocks) and excessive confidence among
> the public and professionals. That in itself is not the key. The second
> reason is equally important. That is the way the market recovered from the
> last correction bottom back in October 1997. At that time instead of the
> usual regaining of internal strength and recovering rapidly, the market
> vacillated and continued to show weakness for about six weeks until it
> finally definitively turned up in late January. During that period some of
> the most famous Wall Street Bulls began to question their faith in an ever
> upward market and pulled in their horns (pun intended). When the market
> regained strength they reestablished their targets of the market going to
> Mars. Weather the market goes to Mars or follows the unsinkable Titanic will
> be determined by what happens at the next market bottom and recovery.
>
> Victor Weintraub
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