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If you believe in DeNapoli, the Fib numbers, and Eliot then there is
nothing to worry about. The dow can drop to about 4000 and you would
still be in a bull market or a retracement from one of the really long
waves. Once again the bull and the bear are defined by time frame.
The trader will be short for most of a down side run. The long term
investor would be out about 2/3 of his capital and the margin player
would have had his last margin call months before this number is
reached, if it ever is. Those who like to accumulate positions on the
way down will find the folly in that theory after a very short period of
time. But like every market, if the down draft or prolonged bear
occurs, there will be stocks and futures that will go up. That is the
nature of markets. Someone always benefits, no matter what the
condition.
Just a thought to end the week end. Ira.
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