Re:<<I think it much more likely that we are in an artificially extended bear market rally, and expect new lows before the year (probably the summer) is over.>>
Hi mlsoft. I had the same opinion for a month or two after October...but no longer believe that. I have over the years come to believe that the market will confound the majority and it is the only market belief that remains intact after thirty four years of investing.
While it is true that the market has been drawn and quartered for the past three years, if one looks at a thirty to forty year chart, they could well make a case for continuation.
Don Rowe has been around for a long time and I can remember when I thought he was loonier than a tweety bird arguing that the market (Dow) was soon headed for three thousand when in my lifetime it had never reared its head much above a thousand. He then argued that by '95 it would be 5,000 and by 2000 it would be 10,000. Well, I have decided that my instrumentation must remain flexible for there are things that just don't make a lot of sense. I get frustrated when I see so many folks that are sure until I see them drawing and redrawing those lines in the sand.
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