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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Investor2 who wrote (33766)	11/19/1999 1:04:00 PM
From: dennis michael patterson	Read Replies (3) of 99985

On Thinking. There is little doubt that bearish opinion is generally more rigorous than bullish opinion. The technical and quantitative analyses made by bears are always among the most impressive, at least to me. Take Heinz on rates and commodities. He has made some of the best arguments I have heard anywhere-- I rate him as one of the best. But rigor is no guarantee of success (Heinz, I believe, is successful: he does not let rigor get in the way). I believe-- FWIW -- that success in the markets comes from being able to take advantage of shifts in investor psychology. The psychology is mass psychology, to be sure, but it is a potent force. This gargantuan move from late October is all about psychology. If you were rigorous, you missed it.

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