Educating Gary
As I was
driving home from my radio show, I was trying to come up with a theme
for today’s report. You see, the last time the market was this bad, I wasn’t old
enough to drive. Right now, I am learning on the job. I am not going to depress
you with any charts in this report. You know what they look like. Stocks are
basically falling off a cliff.
I want to put the emphasis on the word LEARNING. Some of the top technicians on
Wall Street that I speak to have been bearish for many months. This bearishness
kept them out of big trouble. Sure, mistakes were made. In this market, mistakes
happen. Their bearishness on the market had nothing to do with any analyst’s
report, any mouthpiece on TV or a bullish target by a so-called guru. Their
bearishness had nothing to do with the Fed. It had nothing to do with the election. Their bearishness was simply based on stock
price action.
Stock price action is reality. It is fact. There is no ego, no
emotion or ulterior motive. I mention this because many years ago, every one of
these technicians had not a clue. They listened to shouts, touts and a lot of
the nonsense you are hearing every day. They learned! They learned that finding
the characteristics of the biggest winning stocks of the past was of vital
importance in finding the new leaders. They learned that knowing  the
characteristics of a bear market was crucial in order to sidestep any future
downtrends. They all passed the test during this debacle. This passion for
learning kept them out of trouble.
THE MOTTO: Any one of you who do not
consider yourselves great investors can become one. TRADINGMARKETS IS A GREAT
START. It will not come easy. It will take time. It will take mistakes. It will
take practice. The payoff will be when the next bull market comes along. I wish
you all the best of luck.
More importantly, I want to wish everyone good health, wealth and the happiest of holiday seasons.