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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (1944)	6/2/2000 9:32:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Hi Chip a post of mine to Tom over on the Piff OT. thought I might replay it here. JP ....am pondering a passage from "Reminisciences of a Stock Operator". The passage was "I don't want to lose my position" and was said by the veteran trader who in response to requests for it's funny I have a 20 year old copy of the book with notes and I know you read it recently, so I picked it up 2 days ago and started in the middle. The part I started at was Old Turkey who was given a stock tip that worked but did not want to sell out for a reaction pullback. "I don't want to lose my position", says Turkey. the young tipster is perplexed and disturbed.... " get this I tell him to sell and he's worried about losing his Job". -g- Turkey said the big money is being aboard for the long pull. "is this the start of a bull, or just a bear market rally?" we never did get into a bear market in the SPX or DJIA or the Wilshire 5000, not in 2000 anyway. The Nasd has hardly spent much time underneath it's 200 DMA but semantics and fans of labeling can not be judged harshly for calling a 36% decline a bear mkt in the NASD. Heck in 1987 that decline in the DJIA was called a crash!!!! That's the problem with the term a crash, it implies an a severe economic recession or depression ala the 30's in the US or the 90's in Japan. In the old days they would have a Panic they were nasty to live through if you were long, but they were not a loaded term, such as crash is. It's good to keep and open mind and not be too exuberant. Let's take it as it comes. -g-