Wednesday, October 28, 2009

Finally time?

This is it
Make no mistake where you are
This is it
Your back's to the corner
This is it
Don't be a fool anymore
This is it
The waiting is over
No room to run
No way to hide
No time for wondering why
It's here

- Kenny Loggins

I did not know Mr. Loggins was looking for a correction in the stock market. I hinted at this lyrics set in this morning's newsletter and while I cannot run through the individual signs here I can say that there are plenty.

Check your breadth readings. For you Sherman and Marion fans, check the McClellan Oscillator, too.


Amalan said...

in the last couple of weeks I noticed the dwindling number of comments on this blog. I wondered about the apathy phase, which usually signifies throwing in the towel, such as when bulls give up at the bottom of the market or bears give up at the top. And in combination with multiple attempts by the SP500 index to overcome 1100 failing, this finally might be it...hope I haven't jinxed it.

Quick Takes Pro said...

Do you mean comments from others? Yes, you are right, there have been very few lately.

I originally thought you meant blog posts from me and had this snarky retort for you. Since it's written, here it is anyway :-)

"Unless you consider me the infallible pope on the stock market, judging sentiment from a sample size of exactly one person is not the way to go. Besides, dwindling? I post every work day with occasional exception as I try to make a living. No cash in a blog, my friend."

Back to reality.

Now, riddle me this - the headlines say that GDP was up thanks to the stimulus but isn't it true that most of the cash has not been put to work?

Silly fundamentals! Hope springs eternal.

Amalan said...

Yes, I meant comments from readers (I consider yours a "post" and the responses as comments on the post). Even so, I realize that earlier polls from you on this blog have determined that the voters here do not constitute a representative population or a required sample size for statistical purposes. But the intensity of responses when earlier expectations of reversals didn't come to pass and the complete drop off in response volume when the market index reached recent highs, culminating in the failed attempts to overcome the most recent resistence seemed portending nevertheless.

As for stimulus affecting the GDP, I think what they meant was even the percentage that has been spent so far was enough to turnaround economic activity. But, if most of the money doled out went to the big finance firms and all they did was either shore up their asset base or pour it into the stock market, it should not have affected GDP. I don't have the numbers handy to know one way or the other.