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John's First Law:
"the market always exacts the maximal amount of pain at the most
inconvenient time."
In other words, the market always dissapoints when the direction is
"obvious" and profits are assured. This might be a sign of stronger and
more experienced hands manipulating the retail investor, and also explains
why sentiment is a contrarian indicator.
I've also noticed that these are the best times to find major pivot
points.
A downturn at this point will require some seriously bad economic or
otherwise bad news though.
-- John
On Sat, 17 Nov 2001, M. Simms wrote:
> Hold onto your hat....our beloved Alan Abelson in this week's Barron's
> indicates recent Gallop polls indicate a high, high level of optimism
> and bullishness....almost near that of the Sept 2000 "top" !!! You
> know what that means. We may see a short-term bump-up here, but
> doubtful it'll last.
--
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John T. Nelson | John's Trading Journal
trader@xxxxxxxxxxxxxxx | http://trader.computation.org/
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