Not yet believers– but avid analyzers

Posted on May 09, 2008 by in Letters

As we have said belief is a bad thing to have in the markets. As the markets went to the October high legions of analysts refused to believe the chart and remained bearish, switching opinion just in time to catch the bear downwave. Now the Dow chart says we are in a 7 week (m/l) uptrend. January to April can well be the formation of a double bottom (appears mostly likely at this point) or a trading range whose range has just been extended in order to create a bull trap. The skillful action in these cases is to scale in to a position. Lightly lightly when there is much uncertainty.

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