To: John Pitera who wrote (4620 ) 9/18/2001 3:26:01 PM From: John Pitera Read Replies (2) | Respond to More on this slow selling concept: help it. The answer is that the market moves by certain principles. These principles have been around for centuries, and have been brough more to light in the past 100 years by friends like Jesse Livermore and others that know what the true meaning of "tape reading" is. slow selling says that there is a higher probability that the trend continues, rather than reverses. Capitulation phases show that there is a higher probability that a bottom is in place and a reversal is more likely as the selling has become exhausted. faster selling back in April and it gave a tradeable rally . Then we continued our slow selling. Nasdaq 4,000, 3,000, 2,000 ,etc. There was never panic. We had small waves of tradeable rallies, but never anything was a consistent uptrend reversal. Panic, while ugly and scary, is what will help to mark the true market bottom. Being down 700 on slow selling just means that the public hasn't gone into action yet, and we could very easily see more downside because of it. Panic yesterday, while maybe ugly, would have been solid to put us into a bottom with higher confidence . This is definitely what we all want ... a final bottom. But I have to trust the tape as it's how the market speaks to us.
