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To: reaper who wrote (144976)	1/21/2002 10:27:50 AM
From: yard_man	Read Replies (1) \| Respond to of 436258

>>EXCEPT at turning points, the CROWD is actually RIGHT (sort of by definition). << That's a good point as well as the pt about indicator failure and the "rules changing." Sentiment seems to be the only game in town as of late unless you can take a longer term view or read tea leaves ... I'm always more inclined to look at things that make sense longer term, while keeping an eye on macro factors and interpreting "market events." Re: calling turning pts -- the attraction there it seems to me is the ability to make large gains in short order, but that's difficult to do -- and most wind up just being trend followers over time frames that suit them well, i.e. they wait for a turn -- though some bullish folks recently have been so convinced they seem to have hopped on here before a decline was finished adn the turn was evident.