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The greater fool theory in full force. Ira
<p>wallst wrote:
<blockquote TYPE=CITE><style></style>
<font size=-1>One cant help but to
be in aw of the strength of the Nasdaq. Its interesting to see how
even though the Dow is well into a short term correction, the Nasdaq continues
to climb even higher. So how much higher can it go before we see
some kind of sell off?and if and when it does start to sell off, how will
the market handle it?</font> <font size=-1>Over the last month or
so I have observed what appears to be a pattern that I see on a daily basis.
What that pattern is, is just before a trend reverses, I start to see the
market oscillate with wider swings showing a battle between the buyers
and sellers. In other words in a climbing market, you will see the
market pull back a little harder giving evidence that sellers are now comming
into the market. You will also notice that on this last recent leg
up, the market has only barely broken through the previous high.</font> <font size=-1>I
can not say whether or not these indications are signs that the nasdaq
will drop. I am simply making observations as to the things I see.
I also feel that there are many new people in the market who has not yet
gone through a substantial correction. I know when I first started
trading, there were many no no's that I did until I got my hand spanked,
like running stops and doubling up when I was wrong on a trade. The
true fact here is even with the recent volatility, the nasdaq has yet to
take out any support levels, which would suggest that the recent selling
that we have seen so far may only be a preview of things to come.</font> <font size=-1>But
then again now when I think about it back in 92' I remember client telling
me he didnt want to buy any stock at that time because he felt the market
was overbought. (At that time the dow was trading at 2800). Oh well.
=)</font> <font size=-1>Troy P</font><font size=-1>wallst@xxxxxxxx</font></blockquote>
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</x-html>From ???@??? Mon Feb 14 18:46:09 2000
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Reply-To: "swp" <swp@xxxxxxxxxx>
From: "swp" <swp@xxxxxxxxxx>
To: "<realtraders@xxxxxxxxxxxxxxx>"
<realtraders@xxxxxxxxxxxxxxx>
References: <01BF7722.E977D000@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx>
Subject: [RT] Re: Jim Stack in Barron's
Date: Mon, 14 Feb 2000 20:22:14 -0500
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Status:
I guess being an Elliottican, and knowing Bob Prechter a bit, makes me a
bit sensitive to such statements. I agree 100% that Bob has been way off
on the nature of the stock market's declines, but you should also know
that though the degree was wrong, he nailed the top in 1998 to the day,
as well as the start of the correction in the summer of 1999. I know
that he has been looking for a crash forever, and I do not know why he
does not see a different wave count. Last I heard, he was looking for
Dow 13,000, by the way, although that was in mid-January.
Several other Elliotticians that I know believe that the Dow has topped.
I am less sure, but the next 30% move in the Dow, IMO, is down and not
up. For now, I am guardedly bullish, from slightly lower levels.
As for a crash, if you read Alan Greenspan's comments, he is concerned
about the risk of one too (he has several times opined that the stock
market chart looks a lot like every other bubble that there has ever
been).
Steve Poser
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
url: http://www.poserglobal.com
email: swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
----- Original Message -----
From: Levent Erbora <erbora@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, February 14, 2000 7:36 PM
Subject: [RT] RE: Jim Stack in Barron's
Jim has discovered one of my favorite indicators :-)
Not only that, but when one of these dinosaurs get excited enough to
wake up from their hibernation and scrape up enough money from whatever
is left of their struggling businesses to cough up for some quarter-page
advertising in financial media, in a desperate and shameless last-ditch,
one-more-time-and-maybe-this-time-I'll-nail-it attempt............boy,
is that a bottom or a bottom !! :-)))
Prechter and Eliades get the top honors. Don't forget the other clowns,
P.Q. Wall and Eric Hadik.
Happy trading,
Levent Erbora
-----Original Message-----
From: Jpilleafe@xxxxxxx [SMTP:Jpilleafe@xxxxxxx]
Sent: Sunday, February 13, 2000 4:36 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Jim Stack in Barron's
Whenever there is a good setback for stocks
I keep an eye out for one of the remaining
perma-bears (Eliades, Precter, Stack, etc) to
be featured on CNBC or in the media,... as
their appearance tends to coincide with key lows.
Notice on today's Barron's (page 3) in Ableson's
column...the work of Jim Stack "the estimable
proprietor of InvesTech Research" is mentioned.
Stack has been bearish for a very long time,...
reference to his work here is suggestive to me
that a near term low is likely.
Any comments appreciated.
Regards, JIM Pilliod jpilleafe@xxxxxxx
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