Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	11/8/2001 9:40:05 AM
From: Alex MG	Read Replies (2) of 99280

Pavlov's Dogs (11/07/01) by Dr. Stepan N. Stool, Chief of Stock Proctology The Nas had a 33 point rally going Wednesday, reaching 1868 intraday, when the air finally started coming out of the balloon. It closed at 1837.53, up only 2.45, but still well above the early low of 1820. The index actually broke above some key trendlines, in particular the one connecting the last couple of highs. That sucked in the rest of the money mismanagers waiting for just that event to confirm the new bull market. And that of course is when the rally failed. The good thing is this. Doc can't remember a recent trend change that didn't start with a false breakout and whipsaw through an important trendline or chart level (aka support and resistance). The specialists and market makers know that trendline breaks are to portfolio sphincters (and other chartists), as bells are to Pavlov's dogs. You'd think the sphincters would finally learn that there ain't no dogfood when the market makers ring the bell. But they never do. They come running to the table every time. ding ding ding!

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