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Paying a visit to my Chart Doctor

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Gather as many opinions as you can but know that your Book is Your Own!

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As the tape took a day to rest/ grind active traders into talc, I took the opportunity to check in with my chart Doc to get his updated take.

The questions for the Doc (who chooses to remain nameless... I suspect due to his relationship with the BALCO guys), were:

  • Is the fact that the normal trading back n' forth has become all "forth" and no "back" of late an early ominous sign?
  • With just about anything that's worked having gone hard V-shape up, what are you buying now and what's on your wish list.

"The tape doesn't really *need* to pullback much at all, let alone aggressively. This is beginning to feel a lot like a 1995 pattern where so many people waited for a buying opportunity that they missed the fact that the tape just kept grinding higher w/ little pause."

I glowered at him as though he were something I found on the bottom of my shoe in a movie theatre. Having seen the bulging file of "useless analysts" I like to keep, the Doc quickly offered more specific observations, lest he join the scrap heap:

Neither me nor my doc are in any way giving advice. I'm just sharing the process by a) illustrating some surveying of smart people as a routine that can keep your head-straight during strange times b) passing the info along so that the whole collective (chartists and non-chartists alike) can consider how the views fit (or don't fit) with their own ideas.

Position in SPX

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