Jamok, >While I'm not much of a believer in technical analysis, John Murphy always seemed pretty sincere to me, saying what he believed, rather than pushing an agenda, altho I don't know enough about him and what his firm does to know that for a fact. I'm also impressed with Barton Biggs of Merrill Lynch, who was talking about a gloomy economic outlook before this tragedy, despite the fact that telling the truth as he saw it clearly wouldn't help his company sell stock.
I saw Murphy also, and he said, as another one or two I've caught, that we need to test the Oct. 98 lows. I know about "testing" previous market lows, but what do those lows have to do with today? Any GDP, S&P P/E, or growth or shrinkage comparisons that could be made? What sense would those make? They don't know any more than you or I, IMO, but CNBC needs to fill space and time, and if Maria said it, people wouldn't believe her, so they get "experts" on. Biggs I've seen also, couple of times since 9/11, and he's talking getting in very soon, into tech and telecom. |
