Tom Dorsey to group - The Peter Elides article brings back to memory the first time I came to the realization I could think for myself. I was in New York and leaving my room for a meeting, must be at least, 15 or so years ago, and the financial news channel came out with a report form Peter Eliades (sp) on how the market was in for a 500 point decline. Back then 500 points was a major move, not like two days now. Normally I would have paid strict attention to what was said but I did not. As the interview unfolded what came to my mind was how the NYSE Bullish Percent was on Offense (can't remember exactly what level) and if there was to be a 500 point decline the bullish Percent would warn me in plenty of time before it happened. I left the room with total confidence with my views on the market not Eliades views. I realized at that moment that I had arrived. I no longer needed to rely on anyone else but myself and my souless barometers the bullish percents.
Take this article the same way. For those who believe, nothign that is written on the market makes any difference, just as if you were the coach of a professional football team. You would rely on your abilities to call the plays and not the fan's or another pro coach. You are already on defense and have been since April-May. Where was this article in April-May ask yourself when you were warned of a shift to defense. If he is to be right, then you are already ahead of the curve. If he is to be wrong then the bullish percent will reverse and you will again be ahead of the curve.
I realize it is interesting to read others opinions but when you understand these indicators, others opinions using squares, astrological charts, tidal waves, fibbinocci retracements, misplaced trend lines and out right guesses, make not a hill of beans.
Those of you on this thread are already ahead of the curve simply by disucssing these concepts each day. Dance with the one what brung ya.
Confidence in the souless barometers is the key to piece of mind. Tom
Dorsey |
