FWIW, Bob recently remarked to one caller that he did not think the market would revisit the lows reached immediately following 9/11. However, we are sure closing in on that mark now. Except for the DJIA which has been remarkably robust throughout this bear and took a particularly hard hit after 9/11, the other broad market indices are within about 5% of their closing lows of this bear market. By Brinkers own margin of error, I call that close enough to now discount his remark.
No exceptions, no waivering, no room for exogenous events. Just a brazen statement that I took to be the closest thing Bob has offered lately on a target. Unfortunately, it appears that he is wrong again.
At the time I thought it was an odd thing to say since he has been holding out for a re-entry point. If he had a target in mind that was breached by last years low, he missed a clear buying point. If he was anticipating buying in at a higher level, why not do so at leisure now that we are hovering at those very same levels. Certainly, sitting in a MM fund for a few more months is no justification. It's a very confused position to take. What, on Earth, is he waiting for if not lower levels? Maybe it's fear, the bane of all great market timers.
Since he's clammed-up, what are people to think? We can only go on what little he wants to say. Has the great Brinker lost it? All that chatter about MOABO that now generates suspicion by it's absence.
So much has been changed by the wreckage of the great bull of the 90's. Like so many other things, maybe Brinker will never be the same. |
