Posted 20 June 2010 - 02:09 PM
Don, I always filter Terry's charts from his sentiment.
Even he says we will have to watch what the market does when it pulls back the the ZERO line on his oscillator.
He thinks it will be a weak rally attempt.
IMHO only time will tell that.
We have that downtrend line which was broken.
Will it be back kissed before more rally?
Will it fail?
Will we go straight to the moon Monday and never look back?
NONE of us KNOW for sure, but most of us have opinions, (most likely based on traumatic childhood experiences). LOL!
Did we have a bad experience with a bull or bear?
Was our dad full of bull or was our mother a real bear, Dr. Freud?
Exactly. He has his filters based on his life experiences, and we have ours...not only in how we 'see' the market, but in how we 'see' the market guru.
I think it was The Pointed Man in Harry Nilsson's "The Point" who pointed out that "You hear what you wanna hear; you see what you wanna see" and that was his point.
On this Father's Day I remember listening to that musical play over and over and over again with my son in 70's/80's. I hope he got the point. I think he did.......
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds