Archive for May, 2007

Time for a Pullback?

Thursday, May 17th, 2007

Anybody who made that call has been wrong!
So, why would anybody in his or her right mind do it?
Because “No tree grows to the sky,” that’s why.
The rally is losing steam and is overdue for a correction.
Sure it is a risky call, but sometimes you just got to take a chance on change.
I would not bet the farm on this feeling, however.
Stay flexible and use actual stops.

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the path of least resistance

Monday, May 7th, 2007

This bullish price runup remains unusually persistent.
Although it may seem a bit overbought, the stock market’s
path of least resistance is obviously up in all time frames.
That does not mean that a shakeout at anytime is impossible, of course,
so we need to keep our stops up to date.
But a correction of any size would probably require a catalyst,
and no bearish catalyst is visible at this time.

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