We are constantly warning readers about the dangers of speculating in stocks. That doesn’t mean we don’t do it, but we don’t encourage it. A bad habit, and a vice which like all vices is fun but destructive.
Which brings up an interesting question — if we Californians legalize marijuana in the November elections will it no longer be a vice?
Either way, not a vice of ours. Bordeaux is our vice. And speculating when bored.
A few days ago we looked at PALM and thought it might be worth a roll of the dice. We specified the stop procedure and noted that it was a play and that only the bored and the playboys should do it. It quickly developed that it was a bull trap–snap. When an (apparently) runaway gap like this is closed the next day it is a cancelation of the signal.
Anyway we shouldn’t be fooling with these slow nags in claiming races. Why, when QQQQ is up 19% from the wave low?
As Crocodile Dundee said of knives, now, that’s a trend.
Friday it appeared that we might have started a downwave with a power bar down — but the analyst’s most powerful tool stood us in good stead — that is, waiting to see if there is follow through, and there wasn’t. (So far.) Essentially this leaves us in the same place — in a long wave waiting for a downwave. See our two previous letters.
Stay tuned we are about to do some predicting and forecasting — and that is always fun to watch –when himself goes out on the tightrope to do highwire comedy.
Readers should be informed that there is a Wyckoff Workshop at Golden Gate University the 24th, 9-2pm. Just show up if you want to attend.