prophet often.....the info I'm getting from technical analysis experts conforms to the post you mentioned. This market has another shock wave coming. The first one didn't get me too badly, because I wasn't holding the most vulnerable stocks.
The next wave does have a chance of cleaning my clock if I'm still holding my favorite stocks, because when *they clean house, they usually manage to get everybody.* I will never forget that quote, which was penned by the founder and publisher of Investors' Business Daily.
In fact, there is a corollary in my industry, which is real estate. For example, I'd like to have a nickel for every occasion in which someone said (in so many words, paraphrased), "Well, the market may be down, but my house and my neighborhood are so nice that my house will definitely sell quickly, and I want to overprice it by $50,000."
When the real estate market is really down, as it was during the early to mid-1990s, the seller of a "really nice house" has to bring money to settlement to pay off his loan, just like the guy who doesn't own such a nice house, if he paid too much for the house in the beginning because of a speculative bubble in the marketplace. |
