Tag Archives: aug09
Some scary thoughts, since Halloween is only a few months away…
Posted on Aug 12, 2009 by WHC Bassetti.
As we sail into the dog days of August it is difficult not to see in this chart the makings of a truly humongous kilroy (reverse h&S) bottom. The symmetry is startling, as price arrives at a potential neckline. A pronounced downwave would be necessary here to complete the pattern, but that is always possible with the help of Goldman.
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And the score at the bottom of the 7th (5th?) (8th?) is…
Posted on Aug 08, 2009 by WHC Bassetti.
Indeed, who knows what inning it is? Goldman hit this thing so hard so fast it knocked the ball out of the park. Here are some statistics: 523 (elapsed) days, top to bottom, one long wave. 7729 Dow points lost, -55%. You will remember the asymmetry of investment returns. Lose 55% you have to make 119% to get even. The rally is now 154 (elapsed — about 113 trading) days long, 2901 points, +44.8% . We saw waves like this in the “90s, but this whole thing has been an eyebrow raiser.
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Fooled by gold again…
Posted on Aug 04, 2009 by WHC Bassetti.
Beguiled by our recent trades in gold and silver we happened to think back to our adventures in the commodity markets of the ’70s. At Commodity Investment Service we were managing a lot of client money in addition to our own. We made about 100 losing trades (a mild exaggeration) in silver until our clents were screaming and asking us to quit trading silver. (In tears.) Shortly thereafter we got long silver and were long silver in the great Hunt silver market. We made a small fortune.
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Noted technical analyst WHC Bassetti has over 40 years' experience in the financial markets and is Malcom S.M. Watts III Adjunct Professor of Finance and Economics at Golden Gate University. He is editor of the Ninth Edition of Technical Analysis of Stock Trends, widely considered to be one of the true classics of market analysis.
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