Bottom Callers of the World Unite
Why has the market failed to bounce (or bounce much, anyway) ?
My guess is that everyone is calling for a bounce.
Technicians, value players, macro-economic observers, traders have by and large been looking for a bounce (present company included). Me, Jim Cramer, Cody, Bob Carver, Dick Arms, BCA, John Roque, and many many others all asked for a bounce.
Hence, we didn't get it.
A few people deserve credit for not guessing the bottom: in particular, Alan Farley and James Rev Shark DePore.
BCA ran this chart:
A Technician friend sends this chart along:
Until we get more disbelief, there will likely be no bounce . . .
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I think Paul Desmond would say that you can't bounce because sellling pressure was at extreme high and buying pressure was very low and that hasn't worked off it was so bad. It USED to bounce off technical conditions like this but now the general trend is downward. Why are you looking for the same result when conditions are different? It's not that it WON'T bounce at some point (Turnaround Tuesday!) but what it TAKES to bounce is gonna be different. THe market is telling you that and you're fighting it. JMHO.
Posted by: Mark | May 19, 2006 4:13:24 PM
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