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don't know and neither do they.
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Stock Chart: Analyst Bullstool in the Proctoscope - Chase Manhattan
[adbox-upper.htm]Stock Chart in the news. Dr. Stepan N. Stool puts his proctoscope on a stock in the news and reads the entrails.
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December
14, 2000 Chase Manhattan Dr. Stool put the scope on this big bank stock in the news, and as usual, doesn't like what he sees. (If you were lookin' at turds all day would you?) Of course, you chart readers will look at this chart and see a double bottom at 37. That DB is marked by broad positive divergences in stochastics and momentum indicators. A five month cycle low came in right on time. Coming off that low, price broke out above the 18 and 44 day moving averages. This would be a great chart... if we were in a bull market.
Ah, but alas we are not. And you know that in a bear market, bullish signs don't work. They're just traps, snaring the unsuspecting sheep. You need only to go back to the May-June DB for an object lesson. Oh sure, you could have made a little money if you were smart enough to recognize a bear market rally, and get out early, but the September selloff came without any warning from the indicators. Those brilliant money managers who bought the stock at the June "bottom" are now sitting on a loss of 10% (42 1/4 at 2 PM).
Now, you folks know that the bubble economy is crashing down around us. These big banks were the ones who produced all the gas to blow up that bubble. They were farting all over themselves, they were so excited. I mean this was the "New Economy" fergodsakes. And, BYGOD, WE'RE GOING TO FINANCE IT! They couldn't shovel it out fast enough. Think about it. We haven't even seen the tip of the stoolberg. Don't be lulled into a false sense of security by falling interest rates. They're just a sign of the trouble we're in.
When will it be time to buy again?
"We don't know, and neither do they."™
Come visit Dr. Stool's new park bench. Observe the world, see the droppings, and add yours to the mess at Stool Pigeons on the Wire.
Stepan
N. Stool PH&D |
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