And the waves roll on down, and down and…

Posted on Mar 02, 2009 by in Letters

The present downwave is now 38 days long without any significant upwave, or even any signs of an attempt to rally.  We do not exult in having been correct about this market.  The real personal pain our fellow citizens -- in this country, and our fellow humans in all countries-- are feeling leaves us in no mood to celebrate.  It is satisfying to see the establishment which has so disrespected technical analysis reap the just rewards of their "buy and hold" and "value investing" and "whatever else" strategies.  But even for them we have some sympathy.  Everybody has been hurt.  And they will probably be hurt some more judging from the chart.

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