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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Boca_PETE who wrote (3651)3/7/1999 1:40:00 PM
From: Math Junkie  Read Replies (2) of 15132
 
Thanks for the summary of Bob's cautionary comments from yesterday. I just finished listening to my tapes of last weekend, including his comments on distribution, which are important enough that they bear repeating. A caller asked if the market's continuing to bounce around in this range for the next three months would "wash out" the 1120 buy target, and Bob said that yes, it would, for the following reasons (paraphrasing):

If the market continues to bounce around and churn around in a narrow range in the vicinity of the previous highs, and if that goes on for a period of three months, that would concern me DEEPLY, because it would open the door to the potential for a more severe intermediate decline. It would be similar to what we had last year, when we had distribution during April, May, June, and July that was so massive that it created market internals that gave us the only true intermediate correction that we have had in the decade of the 1990's.

This week's rally certainly seems to raise the caution flag even further.

For those who missed it, here is a good description of the meaning of distribution from earlier in the thread:

Message 8121011
Message 8127026
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