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Excellent post. Success doesn't come from technical issues alone and it
doesn't come from fundamentals alone. A case in point is that often the
technical aspects of investing point down because it's been going down and
points of support are violated but if this method is true, what happens
when we hit zero? I mean, God.. we should really go down from
there! :)) I have said on this list before that most technical
forecasting has things doing what they have been doing. Jimmy the Greek
said in 1972 I believe, that "what is due to happen is what has been
happening until it doesn't happen any more". He was talking about betting
on sporting events rather than the markets but still ........
I believe that investors are wrestling with a problem of value right
now. Are they still willing to pay for PE's of 100? 200? 400? If not,
what? Historical values of 12-16 or have we decided that next year's
projected earnings are ok to use and in multiples of 30-50?
Anyway, for now, I would take note that the safe haven stocks fell late in
the day and fell hard. (MRK went from 96 to 91 as I recall). Buy on
close orders were strong for beaten down issues and continued into the
after market. I bought into the worst of it today. For anyone who cares, I
bought T this morning and the rest around 3PM. .. WCOM, LRCX, IOM and
RRC .. already held C and TXU. I may sell C soon ... I see way too
many portfolio managers who say they love it. :))
Just as the bears tell everyone that you can't just buy anything and make
money for long, you can't short just anything and make money forever
either. I hope we enter into at least a tradable box now and this hard
fall in the nas is over because if it keeps up, we're going to drive out
the newbies and have to pick on each other. heh..
Hope you all have a great day tomorrow in the markets and a wonderful weekend,
Bob
At 02:48 PM 11/30/2000 -0500, you wrote:
>
>
>
>Aside technical indicators,fundamental indicators,ew,astrology ,gann,
>fibo.etc., and putting personal experience in the forefront.Let's get
>some input based soley on experience since I think that this election
>fiasco is throwing a monkey wrench in most indicators.
>Is this a buying opportunity that some time from now we will look upon as
>a coulda, woulda,shouda ??? In my own past experience almost every time
>things looked as dismal as they do now it turned out to be a buying
>opportunity.
>Let's hear from some heavyweights (and others).As a technician, I know it
>is hard to put technicals aside. Let's try ,we will be able to hear
>opinions without having to justify it with an indicator.
>Dom
>
>
>
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