Chris, BAMBI Update etc.
First, re Stan's book. I think if I had read Stan's book last year, I would not have been ready. From the movie Circle of Iron: "One is taught in accordance with one's ability to learn."
The BK thread, is Waiting for the big Kahuna. Click on my name and you can get there as I post there a couple of times a week. Bill, who started the thread, dismissed all my FA efforts with a wave of his wand. He believes that all FA worthy of knowing is in the TA. While I'm not a total convert, I decided to pursue the issue.
BAMBI is an on-going experiment I've been conducting. It looks at the the DJIA stocks from a weekly MACD perspective and puts them in one of seven basket, compares the baskets, and attempts to determine the current market trend.
For the week ending (that's the key -- it is looking backwards) 5/1, BAMBI is still a bearish 11/19 with no change from the prior week. Again, however, 11 of the 30 DJIA beat the Index; thus, I believe current trend is topping out, but still slightly positive.
On the BK thread last week, I indicated the stocks to watch were GE, PG, and IBM. MG mentioned a couple of days ago that GE bounced off its lower trend line as if it hit a rubber band. Well, from my view, PG, TRV and T also hit and bounced off a lower trend line or horizontal support levels. IBM and HWP did not (yet) go back to fill
in the gap-up. Hard for me to believe that a bear market starts under such circumstances.
As Stan says "A trend in motion can be expected to continue until it reverses." I don't see a reversal. I see the big boys behaving just as one would expect in a market with a bullish bias.
Enjoy
Berney
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