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To sum it up, trade what you see, not what you think.
Gwenn
Ira Tunik wrote:
> 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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