Oops! I overlooked this: The print edition of Barron’s picked up last week’s Bull or Bear Market? commentary. The focus of that piece was a technical observation about the markets, and our expectation that the SPX could pull back to 1100-1105 before bouncing, based only on the charts.
I find it amusing when people call technicals “voodoo,” thus revealing their ignorance of accumulation and distribution by the large institutional players. (Remind me to tell you a Sands Brothers story on that in the future).
The SPX hit 1101, before bouncing over 40 points. This is not a testament to my ‘genius” — rather, its an acknowledgement that the charts often reveal where buyers tend to come into the market, and where sellers might later appear. I couldn’t imagine not looking at a chart prior to a purchase or sale, if only to see where my stop losses should be placed . . .
Bull or Bear Market?
Barron’s MARKET WATCH TODAY
Monday, October 5, 2004