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I have hated this market for over 2 years. I can see no reason for it to be
trading where it is right now. I can give you many reasons to sell this
market, only one, greed, to buy it. That does not mean that, as a trader, I
can't trade both the upside and the downside of this market, and the stocks
or futures that make it up. That is what trading is all about. I don't
know prechter, I have never read his letter, but I believe that he has
recommended both buys and sells in this market, even though he screams,
watch out the sky is falling. The system that I use always gives me 2
trades. One up and one down. I am very seldom surprised. It does happen
though. Ira.
swp wrote:
> 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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