Victor- Walter Murphy, technical chief at Merrill, and all their big boys were bearish from 7400 (October) until 9000 (December)..Then, and only then, did they turn bullish (for a bit)...
I remember also, seeing their CEO on Moneyline on October 7th or 8th saying with a confident posture..."Oh, we are definently going to 6500"..
They need to face the music...They missed the boat (missed out on a great bull run), and they so desperately want this correction (and that's all it will be) to blow down all the way at 7400...They would LOVE to see the little guy panic and sell down, and (after they have bought at the bottoms), buy on top of them...They weren't smart enough to figure this out (last July-October)
Speaking of Merrill, their CEO also proclaimed last October how "dangerous" on-line investing is...and how much we "need" firms like his to hold our hand (yeah, right, and clean out our wallets! with their own boy system, and bad advice...)
As you can see, I am not a big fan of Merrill...I'm not a disgruntled ex-employee...it's just everytime I see or read about them, they just appear so "old boys network" and incompetent...Hopefully, the brave new investing world will shake them to the core, or they deserve to perish.... |
