Bottom Or Top In Market?
December 14th 2008 18:56
A little over a week ago I asked at Mover Mike Should You Trust These Experts? in which Laszlo Birinyi and Bill Miller, two noted investors, said we have either bottomed or were close to the bottom.
One of the hardest things to do is pick the bottom, it's akin to catching a falling knife. Usually bottoms are put in with a lot of sideways motion and false starts. Rarely do we have a "V" bottom. Now we have two more experts chiming in:
In State of the Markets, "Reasons To Be Positive (For a Trade)" by David D. Moenning, Editor: The Top Gun Trader at StreetAlerts.com, Moenning is one of those seeing a bottom. He writes
We believe that the stock market is setting up for a decent and quite possibly, a very tradable rally. But while we have a fair amount of evidence to back up our case, we do NOT have any indications that a new bull market is underway. In fact, we do NOT have any indications that we've seen the ultimate lows of this bear market.
At Financial Sense Online Carl Swenlin writes in TIME RUNNING OUT ON RALLY
For me looking at MarketClub charts, the Triangles have given NO buy signal on the monthly charts, but have given a BUY signal on the weekly chat at 8,831, however the daily chart gave a SELL signal at 8,637. The same thing happened with the S&P.
Gold, however, was given the green light by the Triangles at $777.90, Silver a BUY signal at $10.59 and the USD gave a Sell signal at 84.77. Yopu can learn more about Trading the Triangles at INO.com.
One of the hardest things to do is pick the bottom, it's akin to catching a falling knife. Usually bottoms are put in with a lot of sideways motion and false starts. Rarely do we have a "V" bottom. Now we have two more experts chiming in:
In State of the Markets, "Reasons To Be Positive (For a Trade)" by David D. Moenning, Editor: The Top Gun Trader at StreetAlerts.com, Moenning is one of those seeing a bottom. He writes
We believe that the stock market is setting up for a decent and quite possibly, a very tradable rally. But while we have a fair amount of evidence to back up our case, we do NOT have any indications that a new bull market is underway. In fact, we do NOT have any indications that we've seen the ultimate lows of this bear market.
At Financial Sense Online Carl Swenlin writes in TIME RUNNING OUT ON RALLY
There has been a small rally out of the November lows, but volume has been weak. Deeply oversold readings have so far failed to deliver a rally of the strength and duration we would normally expect, and, with internals now becoming overbought, time is running out.
For me looking at MarketClub charts, the Triangles have given NO buy signal on the monthly charts, but have given a BUY signal on the weekly chat at 8,831, however the daily chart gave a SELL signal at 8,637. The same thing happened with the S&P.
Gold, however, was given the green light by the Triangles at $777.90, Silver a BUY signal at $10.59 and the USD gave a Sell signal at 84.77. Yopu can learn more about Trading the Triangles at INO.com.
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