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Good thing you prefaced your remark, as I admit to being somewhat
thin-skinned, and in these overly exciting days, I'm in hair trigger
venting mode.
THIS IS SERIOUS:
Yet another top indicator, I'm told, is the emergence of jokes about the
normally arcane financial world. This has serious psycological
underpinnings, since, for a comic to be sure the joke will go over, has to
assume that a large percentage of the audience will know what he or she is
talking about. This, therefore, substantiates the existence of a mania.
Last night, Letterman ran off a string of 4 consecutive market jokes.
SAMPLE: Wow, yesterday the market went down faster than a Whitehouse
intern!
John Stevenson
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> From: Kovacs, Ross R <KOVACSRR@xxxxxxx>
> To: 'johnstev@xxxxxxxxxxxxxxxxxxx'
> Subject: FW: MKT-Elliot Wave textbook case?
> Date: Thursday, August 06, 1998 12:35 PM
>
> THIS IS A JOKE:
>
> I made no comments about your sanity, just your EW analysis.
>
> Good Luck
>
> > ----------
> > From: John Stevenson[SMTP:johnstev@xxxxxxxxxxxxxxxxxxx]
> > Sent: Thursday, August 06, 1998 9:25 AM
> > To: Kovacs, Ross R
> > Subject: Re: MKT-Elliot Wave textbook case?
> >
> > What, you mean I'm not nuts!
> >
> > Thanks Ross
> > John Stevenson
> >
> > ----------
> > > From: Kovacs, Ross R <KOVACSRR@xxxxxxx>
> > > To: 'johnstev@xxxxxxxxxxxxxxxxxxx'
> > > Subject: FW: MKT-Elliot Wave textbook case?
> > > Date: Thursday, August 06, 1998 10:34 AM
> > >
> > > Although I take EW analysis with a grain of salt:
> > >
> > > 1. Yes, it is valid to go even shorter than one day. However, the
> > analysis
> > > should always progress from long time frames (years or even decades
> > > according to Prechter) to however short a time frame as you want.
This
> > is
> > > good advice for any technical analysis, not just EW.
> > > 2. Your analysis of the charts matches the analysis of several
respected
> > EW
> > > analysts. In fact, a local Los Angeles EW analyst is showing hourly
> > charts
> > > of the DJIA that he says are perfect EW formations that confirm the
> > > conclusions you've drawn. So, a sea change is in place according to
> > many.
> > >
> > > Ross Kovacs
> > > > ----------
> > > > From: John Stevenson[SMTP:johnstev@xxxxxxxxxxxxxxxxxxx]
> > > > Sent: Wednesday, August 05, 1998 1:34 PM
> > > > To: realtraders
> > > > Cc: John Stevenson
> > > > Subject: MKT-Elliot Wave textbook case?
> > > >
> > > > RTers:
> > > > I would like you all to know that I greatly value the opportunity
to
> > > > "listen in" on the various comments and opinions expressed via the
RT
> > > > Disscussion group. As a relative newbie to trading (I've been
> > intensely
> > > > observing Mkts for about 2 yrs., and actively position trading for
> > about 9
> > > > months), I can say that this group has been invaluable to me as a
> > "mentor"
> > > > (of sorts), as one of many sources of wide ranging opinion, and as
an
> > > > encouragement to begin wading into the ocean of TA. To wit: I
recently
> > > > began the online Elliot Wave course at EW International. It's
surely
> > too
> > > > early yet for me to embark on my own analysis from scratch, but my
> > efforts
> > > > are starting to bear a little fruit, I think...when I looked at the
> > daily
> > > > chart for last friday, it looked to me like an example right off
the
> > text
> > > > page of a classic 5 wave pattern, except (importantly?) the pattern
> > was
> > > > moving down instead of up, ie: lower lows and lower highs.
> > > >
> > > > My questions to the group are:
> > > >
> > > > 1. Granted the the Ewave is fractal in nature, but is it meaningful
to
> > > > look
> > > > at patterns as short as one day?
> > > >
> > > > 2. If the observation is valid, could it be yet another indication
> > that
> > > > the
> > > > fundamental psycology of the market has undergone a sea change?
> > > >
> > > > In any case, today's DJIA price action would seem to indicate that
the
> > > > "buy
> > > > on the dips" crowd is conspicuously absent from the mkt. this time
> > around.
> > > >
> > > > For what it's worth, this looks, to my novice eye, like a
RE-EMERGENCE
> > of
> > > > a
> > > > lower low-lower high trend that appeared briefly in (about) 11/97
or
> > 12/97
> > > > (I'm working from memory), which I believe has been this markets
true
> > > > character all along. That trend has been distorted by the tsunami
of
> > cash
> > > > we have seen in what I like to call the "Hyper-liquidity" mkt of
> > recent
> > > > months. Is it possible that that's where the true support is (ie:
> > ~7500
> > > > and
> > > > not 8200 or 8500 as I've heard stated here and elsewhere)?
> > > >
> > > > Well, food for thought perhaps, but it seems to me a high
probability
> > that
> > > > the time where pyramid shorting becomes a sensible strategy is just
> > around
> > > > the next corner on the DJIA. Definitely time for eyes and ears to
be
> > wide
> > > > open, always time for caution.
> > > >
> > > > Kudos to those who called for a top in July 24-28 timeframe, looks
> > like
> > > > you
> > > > MAY be right! Keep up the fine work, RTers, I for one need your
input!
> > > >
> > > > John Stevenson
> > > > Ottawa, Canada
> > > >
> > > > P.S. I hereby pledge NEVER to delve into the political arena on the
RT
> > > > Group again!
> > > >
> > > >
> >
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