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The market direction, like beauty, is in the eyes of the beholder. The picture
looks different to everyone. If everyone thought the same way there would be no
market. It also depends on what time frame you are looking at. One time frame
can be very bullish and the other just as bearish for the same market or stock.
The SnP can be going down and the stocks you hold can be going up. The market
like most other things is very personal and many feel our destiny is in the
stars. We will find that one out very soon. Ira
Thomas J. Vetter wrote:
> The bullish case is in the break to new highs by, for example, the sp500 and
> the nasdaq, and the countless cup with handle breakouts of individual
> stocks.
>
> The trend is up. Do you disagree?
>
> -----Original Message-----
> From: Bill Bancroft <bbancroft@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Friday, January 22, 1999 9:15 AM
> Subject: Where are the Bulls?
>
> >RTs,
> >
> >I said yesterday that:
> >
> >"For me, I don't call a top until three things happen:
> >1. The market breaks a bullish trendline.
> >2. The market fails to make new highs (lower highs).
> >3. The market breaks through support (lower lows)."
> >
> >I now am convinced that the S&P 500 has put in a lower high. The only
> >thing that needs to happen is for the market to close below 1208 for two
> >days in a row (just for confirmation). IF that happens, prices should
> >not return above 1208 anytime soon or the trend reversal would be
> >questionable. Remember 12/14/98, everyone thought we had a break of
> >support only to see prices come roaring back.
> >
> >Although I enjoy the feedback from this forum regarding the current
> >market action, I ask myself, "Where are the Bulls?" Not one bullish
> >person responded. Maybe that is bullish in and of itself. I like to
> >have my observations challenged, it helps to keep an open mind. What is
> >the bullish case here, technically speaking?
> >
> >Bill Bancroft
> >
> >
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