Exstenchment is actually a philosophy, too, I believe. Wasn't Sartre an exstenchmentalist (as well as a renowned technical analyst)? Heidegger, too -- or was that Heisenberg? Exstenchmentalism may actually be the human condition, but that's off topic, so I won't digress. This thread is now a semantics thread. Please endeavor to stay on topic. Anyone who discusses anything but semantics on this thread will be banned.
GE is certainly rallying nicely today, under my new definition of "rallying." It's a bear market definition. Slightly down -- and selling off on any small move up -- means rallying. Distribution now means rallying. Or maybe it's down .12 only because of those nefarious specialists, working their wicked way with the stock. Once they stop toying with the price, GE will go to 60. Hey, that stock should really have a P/E of 50 in this market. It's like the Nifty Fifty. It'll never have a P/E in the teens again.
But just supposing: If it had a P/E of 18, its price would be ... hmmm ... let's see. I have to get out my chronoscope to calculate this. Um, 23 1/2? In official TA parlance, that would be called a retrenchment -- or a full retreat. But Greenspan's rate cuts will ensure that that never happens.
I retract anything I said about retracement -- and retroactively, I might add. However, I might retrogress and use the word retracement -- I might even retrovert. On retrospection, I realize I'm capable of this. I'm prone to retrograde amnesia. OK -- I'm bracing myself for retracement retorts. Fire away Arthur. I'm at your mercy. Fire your retrorockets. |
