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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (4625)4/20/1999 9:22:00 PM
From: Boca_PETE  Read Replies (2) of 15132
 
Justa: So you believe we have just completed a rolling correction. My take is we are seeing a mirror image of August 31 -September 1, 1998. On Aug 31, the market set a benchmark low of about 900 Mil volume. The next day the market reversed and rose on about 1,200 Mil volume. Then we had backing and filling until the low volume test of the low on Oct 8, 1998. Over the last three days, the exact opposite happened. The day before yesterday the market closed at a new high. Yesterday,on about 1,200 mil volume, the market rose to a new intraday high and then reversed to close down. Today the market rose on substantially lower volume of about 900 mil shares.

Could we have set a "benchmark high" during the past two days that will be tested on low volume in the near future to be followed by the long-awaited 10-15% correction Brinker has been warning about since the January 1999 highs ? ?

Maybe at the time such a low volume test of the "benchmark high"
occurs, Brinker's advice will be "you can not afford to be in this market, even for one more day". Of course he probably won't because he said there's no chance of a bear market as of this past weekend and he doesn't believe in short-term market timing.

P
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