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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (60193)	11/22/2002 1:55:59 PM
From: At_The_Ask	Respond to of 209892

Pretty well sums it up. Some of the bears around here have resorted to "grasping at straws" to call the top here. Even if we melt today it won't matter. The phenomenon of disbelieving bears giving back their profits daily and ranting while the market moves higher is rather sad. Cover early, cover often might be a good motto in the face of a 15% ramp, why suffer and call the top for months? Being on the wrong side of the market for more than a couple days is something I can't take too well. Scratch many of the supposedly nuetral market timers on SI and you will find a perma bear. One of the major criticisms of bulls is that they imagined that because buying the dip always worked for 20 years that it will work forever, and "smart" bears scoffed at them for imagining that trends go on forever and rightly labeled them clowns as we have moved down from the all time highs. The further we progress into the bear market the danger is that bears extrapolate the downtrend into the future forever, at some point the shoe will be on the other foot and bears will be the clowns. After my infamous "bulls are doomed call" a month? ago I saw the error in my long term count that led me to make that call. When I started saying things about possible bullish moves someone stepped up and said that it was funny that once a trend had gone on a while how people believe it would just keep going forever. They didn't refer to me directly but the implication was that because the rally was 3 weeks (abouts?) old I extrapolated it to go on into the future forever. I can't remember who it was but I think it's obvious by now that he was the one who was imagining the "spike and dump" pattern that had prevailed all year would continue on. This brings up another semi related issue of some people that lurk here and contribute nothing technically but are quick to critcise the thread and label it "contrarian". While they themselves critcise contributing posters, haven't taken the trouble to learn even the basics of ewave, and merely hang out looking for a "tip" on when to buy or sell. It takes balls to stick your kneck out and possibly be wrong, I may disagree with people at times but I'm slow to label them contrarian publicly unless I'm joking as that is a rather harsh insult and impossible to disprove.