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Non-Tech : Bill Wexler's Trading Cabana
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To: deeno who wrote (6343)3/5/2014 9:28:57 AM
From: Kevin Podsiadlik1 Recommendation

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Cautious_Optimist

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Well in the short term he obviously was wrong, January was not the start of the bear market, it WAS just a pullback and a very short-lived one at that.

To be sure, the end will come sooner or later and it will be ugly, but we forget all the wiseguys who got slaughtered over and over calling the top in 1997, 1998, 1999, and even the first couple months of 2000.

We're still only at 1997, maybe early 1998 levels of speculation. People forget how crazy it was back then, how getting money into the stock market and making a mint became a significant part of the American culture. Where every other strip mall had a storefront that was just a room filled with daytrading computers.

We got a long way to go before we get there. Not saying we will get there. And Bill could have been right; certainly many of the factors he cited came to pass. But he wasn't, and now his late January comments just look silly.
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