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Strategies & Market Trends : MDA - Market Direction Analysis

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To: UnBelievable who wrote (53641)	6/10/2000 3:00:00 PM
From: HairBall	Read Replies (3) of 99985

UnBelievable: I have never read Richard Russell before. I can't believe this guy mirrors much of my own work. (In all due respect, I guess since he has been at it much longer than me, I should say my work mirrors his...<g>) I thought I would fall out of my chair when I read his analogy of the seesaw...<g> And I think he is the first person I have read, that agrees with my assessment that the current bull market started in 1974. I particularly liked this Q&A exchange... Q: Does it bother you that many people consider technical analysis to be voodoo that doesn't make any sense? A: Yes. These people haven't done their homework. To me, that's one of the most incredible phenomena about investing. Here's an industry involving trillions of dollars, and guys haven't bothered to study it carefully. They haven't read Dow Theory, the basis of all technical analysis. They haven't really studied bull and bear cycles. They're amateurs. They haven't learned the lessons of history. Another statement that agrees with my own system...One of the basics of Dow Theory is that neither the duration nor extent of a move can be predicted in advance...Personally, I just try to be on the right side of the moves and identify SRLs to watch in advance to catch the next pivot. Then I note my technicals in real time as the price action comes into those ranges (horizontal price action areas or trend lines) and act accordingly. I guess if you want BS predictions with no analysis behind them, you can just go to the Market Direction BS thread...(appropriately named I might add)...seems the originator of that thread is obsessed with MDD...<ggg> Thanks for the article... Regards, LG

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