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Bill!
Oct 09 22:11 pm
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All Comments by Jim Hawthorne »IBM's Quarter Can Lead the Equity Market Recovery [View article]
I have always had the most profound respect for your opinions and analysis.
This time around, I feel that there was more opinion than analysis.
Last night, i dredged up a daily chart running from mid-May, 2002 through March 31, 2003.
The "false bottom" that formed in mid-July, 2002 bears a stunning similarity to the point we are at as of today, and then as now, there were lots of pundits that called that "false bottom" the real McCoy.
Bear market bottoms are NOT dates on a calendar!
Bear market bottoms are in fact a process that takes months of consolidation and re-building to complete.
We will have some typical "pop & drop" rallies that will be profitable for the flexible and nimble trader, but we are far from any long term "recovery", Bill.