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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread
VTI 336.57-0.3%Dec 8 4:00 PM EST
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To: Boca_PETE who wrote (1083)4/23/2001 4:17:15 PM
From: marc ultra  Read Replies (1) of 10065
 
Pete re<<<marc ultra - is there any technical magic to a need for a 60 day period between establishment of a low and a subsequent test thereof. The low established Dec 20 was tested Jan 2 and 8 and then the market went lower and lower.

I have no idea about such magic but I never claim to be a technician. I think the above tests you mention may just be an example of a horrible bear market where tests are failing and technicians yapping about support levels and oversold conditions have found those levels being sliced through without resistance. In retrospect once NASDAQ 3000 was violated by 10% or more that was a clear sign that trying to play a short term CTR from there was not working. If someone could have imagined 1600's could be the next real stop it might have been taken more seriously, but in the absence of word from Bob few were willing to take what seemed like a big loss at that point and wait for a bottom.

The key now is fundamentals seem to be improving especially considering monetary conditions where for the first time there can be confidence the Fed is not falling further behind the curve. A profits recession may bottom sometime in the next several quarters as comparisons nd expectations start getting easier.

Marc
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