Tag Archives: indu
Buy signals.
Posted on Jan 24, 2011 by WHC Bassetti.
108 points in the Dow. And power bars all over the place. We will be adding on to our positions shortly. There is absolutely no sign of a downwave or retracement at this point, and that is sort of surprising. But, after all the last wave was 53 days long. Of course that was following by a bit of pain. But the wisdom of gritting teeth and bearing the pain has been amply illustrated. We note with amusement (and have over the last month) the predictors and forecasters who have been shorting and forecasting a wipe out. Ourselves, we would never predict or forecast because that is the way to get egg on your face.
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Market theme: Punish the timid…
Posted on Jan 12, 2011 by WHC Bassetti.
Make them eat their hearts out. Then when they finally lose all patience waiting for a pullback so they can “buy cheaper” smack them in the faces with a bone rattling downwave and chase them out, then start all over again.
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More long term review…
Posted on Jan 09, 2011 by WHC Bassetti.
Here we show the original long from 2003 after the tech bubble popped (B- bought). Late 03 we attempted to short the market — mainly because we were not strictly using the Basing Points system, but we got long again early 04 and have been long ever since.
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A pattern to bet on… (in a bull market)
Posted on Dec 10, 2010 by WHC Bassetti.
In our habitual jocular mode we at one time called this the dump-bump-dump-explode pattern. You could look at it as an A-B-C spring perhaps. Or maybe you could call it the specialist’s mouse trap. You sell the issue off vigorously. Dip buyers leap on the “bargain”. You sell it off again to punish them. Then in the nyah-nyah gotcha phase you create a power bar to taunt those short termers who bought, suffered, sold. The July and September patterns are really better exemplars of the d-b-d-e pattern, but the present one is the same except that it illustrates our dictum that an up or down wave can be followed by a sidewave — which is what happened in this case. These explosions, or power bars in this situation seem to be very dependable. Remembering always, of course that we are in a bull market.
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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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