Think we're near a bottom? Just waiting to commit your cash? Getting ready for the massive capitulation?
Yeah, aren't we all. But a thought occurred to me the other day. Bottoms don't normally occur when everyone's waiting for them. No, they occur when there's total despair and most people think the market will
go up again. Or, that the game is just too hard to play. Or, when they've moved on to other things.
Honestly, it just doesn't feel like that to me. No, it still feels like there's too much optimism that there
be a bottom, and there will be a bottom soon, darn it! But, maybe when no one is ready to buy, maybe
we'll have a bottom!
What's up chartwise? Well, I'm not sure we've seen much of a change. Frankly,
3K still looks good. However, as you can see on the chart, there's the possibility a big bullish wedge is being formed. If so, we'll see a strong move to the upside. Who knows, maybe that'll come right after the next
meeting, as the timing would be about right!
Oh, one item relating back to my broker column this past
Wednesday. Many people agreed that having the personal touch would be helpful. However, these same people argued that having to talk to a broker every day was a pain in the rear, because brokers have opinions, and those opinions can sometimes throw you off your intended course.
Frankly, I agree with the latter thinking. The last thing I want to do in the morning is get
interaction from someone else about my trades. I plotted a course, and I would rather not have any further input. So, how do I get around that? I email my orders in, and my broker knows his only response is to acknowledge he's received my email.
That's the best of both worlds, I think.
OK, let's wrap the week up with a few charts. Oh, and if you don't see your chart here, try to catch the Chartman segment on this weekend's "TheStreet.com" TV on
Fox News Channel
. I rattle through about six charts, with thoughts on
, etc. I have no chance of being right, of course. But, I am entertaining!
OK, another week, another round of body blows. Fun isn't it? But, whatever, 'cause I'm chillin' in
for the next few days with only one stock in my portfolio:
! (Hey, gotta keep my eye on my one trade!)
Oh, and there will be no
TSC Technical Forum
this weekend, as I'll be the first one on Space Mountain each morning. But tune in next week for my usual mishmash!
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes five technical analysis columns for TheStreet.com each week, including Technician's Take, Charted Territory and TSC Technical Forum. While he cannot provide investment advice or recommendations, he welcomes your feedback at