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I should also say I do not think this list is a "1929 convention" as you
have billed it. Posts from various perspectives are only reporting what
their charts or techiques, indicate. They do not "want" the market to go
down, many are just reporting what the indicators say presently.
Valuations are still expensive for many stocks if you chose to look at the
fundamentals. As Earl posted some time ago when GE was still in the low
40's, "the mothership", what happens when it starts to fold. The economy
which was weak before, has taken a severe blow and the outcome of lower
prices will "likely" occur (has occured). Earnings past and present just
cannot support these prices. In that regard CNBC has done a dis-service to
the American public.
I am reminded of what my good friend (and partner) who worked in the pits
for 11 years, mentioned yesterday, "in bear markets these bad things always
seem to happen".
End of the world no, just a long awaited correction to a parobolic bubble of
historic proportions. I have always favored the long side but when I look at
my trades, the short side are the winners generally, that in itself tells me
something.
don ewers
----- Original Message -----
From: "Kent Rollins" <kentr@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, September 18, 2001 12:21 PM
Subject: Re: [RT] DJIA & SPX Key Levels and Long Term Forecasts - NW
> Humor? OK, next time I'll add some Elliot Wavery.
>
> As for my prediction, given that we recently had a convention of the '29
> Club on this list and SOME PEOPLE are now predicting that the end of
United
> States is at hand, I predict that yesterday was the bottom and we move up
> slowly from here.
>
> Then again...recent events may have destroyed consumer spending which was
> the only thing keeping us out of recession, so we may continue down.
>
> Or capital spending could recover as consumer spending falls off and the
> market may just move sideways.
>
> There. That's my prediction.
>
> I didn't spend nearly as much time working on my prediction as you did on
> yours, but they're both worth about the same thing.
>
> Kent
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