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You have omitted the perennial, short squeeze bear market rally that gets both
the bulls and the bears. first one then the other.
Stan Book wrote:
> The symmetrical price action of the DJIA demonstrates a perfect balance
> between risk averse investors fleeing the DOW for the safety of cash and
> wounded speculators fleeing devastation elsewhere in the market for the
> relative safety of the DOW. This is typical behavior at the end of an
> extended inflationary spiral in equities.
>
> Those Motley Fools have decreed that equities are the only rational long
> term investment and that holding through bull and bear markets is the only
> rational long term investment strategy. With this mentality prevalent among
> the public, a bruising bear market would be required to reeducate them.
>
> Between the present delicate balance and the end of confidence in equities
> as an investment vehicle, we can anticipate extreme frustration for
> perennial bears and false hope for buy-and-hold bulls.
>
> A basing period of a month or so would allow for substantial accumulation
> which could support a powerful counter trend advance. This would be my
> preferred scenario over a V bottom and a weaker advance. Time will tell.
>
>
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>
>
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>
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> Name: DJIA031201.gif
> DJIA031201.gif Type: GIF Image (image/gif)
> Encoding: base64
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