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Lovely post ... insightful and true.
Thanks Ira
Bob
At 01:50 PM 3/29/2001 -0800, you wrote:
>Who is to say whether this is a bull or bear market. If losing money
>means it is a bear market, there are some people who have spent their
>whole lives in a bear market. If it is by definition a given percentage
>of gain or loss then some markets are in a bear market and others are
>not. If you go sector by sector some are in major bull markets and some
>in bear markets. CSCO has lost market value from its high of over $480
>Billion dollars. With that kind of money you could buy both INTC and
>SUNW at their present stock price and not only own them free and clear,
>but have some change left. Everything has its own perspective. In
>trading stocks or futures a 50% retracement is just that, not a bear
>market in the underlying. Those of you that use fib numbers look at a
>retracement of 61% +/- a buying opportunity, not a bear market. The
>key is, do you have a tradable market. One with sufficient volatility
>to make a living either buying long or selling short. Looking at these
>charts the S&P futures can go down to 8800 and still be in an uptrend
>and have undergone a normal retracement and the INDU can move down to
>6700. A bear market is one where the stocks or futures you are long are
>going down and the ones that you are short are going up, and a bull
>market is one in which the stocks or futures that you are long are going
>up and the ones that you are short are going down. You see, the only
>chart that really tells you whether it is a bull or bear market is your
>equity chart. Have a good week end. Ira.
>
>
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