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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (13104)7/25/1998 2:25:00 PM
From: Robert Graham  Read Replies (1) of 42787
 
This reminds me of those who are comparing the present case with that of October 1987. We have to keep in mind that this market is very different from the market we saw before October 1987. It seems that many wants to look at the past in a literal interpretation of the events occuring today, and this is just not possible. Also when does a technician throw up a chart and make decisions based on how it "looks" to another chart? Of course we do not do this. You may say that it is a chart of the same index so it counts. But the market has change so much from back before October 1987 that it may just as well be a chart of another "stock" or "index". Or do you as a chartist look in the past on a stock's chart and when you see "simmularities", you automatically think the same result will happen? It is bet to live in the present and not the past. See what you indicators and system is telling you now.

As far as the chartists using October 1987 as proof of an imminent market correction goes, this is where sentiment is clouding the judgement of the technician. This need to look for evidence of more bad news to come is motivating this type of propostion. This is not to say a market correction may very well be in the works. However, looking for broad similarities between charts is poor evidence to support such a conclusion. And the comparing of the present case to October 1997 may be invalid due to the same arguements.

Bob Graham
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