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It's not exactly the same as today, but there are distinct similarities.
Hey Abe, nice work. The thing that makes a replay of the 70's so painful for traders is the slow bleed of the move down - just week after week of red with tepid bounces. Lets hope this isn't the case...
Yup, I think we're ahead of the pack. Just a matter of a few more slices, a bit of more nebulous attempts by our leaders to fix things,,, and it all flushes.
On the plus side, everything flushes with a base reset and we get to start again when the follow through occurs. If you look at the MS chart comparing the Dow to the NASDAQ; here's my thought. They were hand in hand until the last bit of the charts; but the divergence for the last bit has been from unsound practice.... the vacuum will occur and bring them in line again.
I've been waiting since that was first posted. Great practice for us all. Keep up with the learing.
The great thing about the MarketSmith Blog is that we can let the charts do the talking. Scott has pointed out the need to watch the clustering of up or down weeks. In the beginning of 1977 we can see that the January cluster of selling was far too many shares to be overcome for a small follow through in March 1977 or even a large follow through in April.
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