An Orderly Descent

“Old Baron Rothschild’s recipe for wealth winning applies with greater force than ever to speculation. Somebody asked him if making money in the Bourse was not a very difficult matter and he replied that, on the contrary, he thought that it was very easy… “I will tell you my secret if you wish. It is this: I never buy at the bottom and I always sell too soon.”... Read More


“The whole idea is to somehow get an edge. Sometimes it takes a little extra something to get that edge, but you have to have it.”    –Don Shula Shares remain in decent shape, with the Nasdaq and S&P both off 1.7% from their recent peaks. The selling of last week was minimal. Friday’s jobs number will... Read More

Steady as She Goes

“Speculation is essential not merely in the market for stocks, but in any market. Somebody must take chances.”                 –William P. Hamilton, 1906 Volume picked up last week as the Nasdaq put in four straight losing sessions. Despite this, institutions do not show signs of anxiety over a party that tacked up gains for Q1 that would normally... Read More

The Pause

“Don’t confuse brains with a bull market.”         –Humphrey B. Neill Shares pause to catch their breath as volume and volatility dim. The Nasdaq outperforms in four of the last five sessions. Meanwhile, the speculative growth-stock glamours continue to regain their past glory. ... Read More

Plodding Ahead

“In trading…the person who can easily admit to being wrong is the one who walks away a winner.” –Victor Sperandeo, “Market Wizard” Shares remain in good shape. Breadth and leadership are quite strong, enough so that any intermediate-term correction that occurs should be just that, a correction, and not the end of the... Read More

Snapping Back

“If you pay attention to what the market is saying rather than forcing your will on the market, it will give you subtle clues as to what it is going to do. There is always a message but you are not going to pick it up unless you have an open mind.”                      –Linda Bradford Raschke, “Market Wizard” Shares wasted... Read More

Taking a Breather

“…the inherent nature of a competitive market does not change very much over the years…’the same old patterns’ of human behavior continue to produce much the same types of market trends and fluctuations.” –John Magee, Technical Analysis of Stock Trends, 1966 Under the cover of averages that essentially went east... Read More


“It is better to be roughly right than precisely wrong.” –John Maynard Keynes Demand for stock has moderated over the past week. As seen in the below chart, this is accompanied by an easing of the advance’s trendline. ... Read More


“People who say it cannot be done should not interrupt those who are doing it.“ — Chinese Proverb   Shares remain buoyant. There are no signs of distress at the surface, and leading stocks act well with a few... Read More

Shapes of Things to Come

“If you get up one more time than you fall you will make it through.“                     –– Chinese Proverb Historically, there have been an average of two particularly auspicious times... Read More