Archive for February, 2009

Breaking the rules big time. Boredom? Greed?

Posted on Feb 02, 2009 by WHC Bassetti.

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Sometimes we just look at the chart and say break the rule that says don’t buy stocks in a downtrend.  We did that the other day with C.  The time may be right to do it with PFE.  Very light commitment with stop 3 or 4% down.  This is not recommended for the faint of heart.

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Nothing to report.

Posted on Feb 02, 2009 by WHC Bassetti.

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When there is nothing to say why say anything?  That’s pretty much the situation in the Dow and the S&P.  They continue in sideways trends with the latest wave an extended downwave.  Here is what may be said of a technical nature.  This wave now counts 18 days as opposed to the 12 days downwave of November.  The attempt to rally in late January was so pitiful that it never even reached the status of an upwave.  It is entirely possible that we are setting up another test of the November low.  This might be needed to punish the optimists who keep seeing heads-and-shoulders (upside down, Kilroy bottoms) in the tea leaves.  Sideways trends are nothing but treachery.  Draw the lines above and below them and leave them to traders.  (Even they are not having a good time we understand.)  

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