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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: Shaw who wrote (47851)2/18/2001 2:11:01 AM
From: Shack  Read Replies (4) of 62348
 
Hi Shaw,

It will be interesting to see over the next several months how this thing pans out. Is that school of thought accurate or is it another 'old school' truism that falls by the wayside (like every other school of thought in this crazy market)????

Actually, I find all the "old school truisms" are still valid and it was the new school way of thinking that has been flawed. "This time its different"...yeah right!

We've been yapping on and off for a while now and as you know I've been bearish for some time so I may be biased here.. However I believe in this contrarian school of thought. You need a bearish sentiment to flush out the system so we can begin anew. The 1998 low was riddled with bearishness as measured by sentiment indices, put/call ratios, etc.... It is only very recently that the bullishness and belief that this market is gonna turn around is giving way to bearishness. I agree with you that a strong intermediate bottom is near...in terms of time. I have no idea if thats going to be Nasdaq 2200, 2000, or 1500. More importantly, is where the DOW/S&P will be as this is where all the money has gone to hide in the single biggest rotation in market history,

But the mood is FINALLY changing and bulls are STARTING to throw in the towel. We're not quite there yet. I am still very short but my finger is on the buy button. I don't know when the exact bottom will hit, but I know what a bottom looks like and I haven't seen it yet. I think we are rounding third base.

Cheers,

Shack
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