I was reading over the weekend and had the opportunity to peruse one of Richard's articles written for Barron's in December, 1983. He made a comment that I found interesting and very useful in today's cluttered investment landscape.
One must realize that today's bull market will always produce something for the technician to worry about! The Advance-Decline ratio may not be strong enough, the Dow Jones Industrial Average may not confirm soon enough, the bond average may be diverging, there may not be enough new highs. In that way, the market will keep the (amateur) technician concentrating on each and every individual indicator while missing the big picture (added emphasis mine).
Richard goes on to comment:
A primary bull market ends in only one way -- exhaustion. "Ah," you retort, "but what is exhaustion?" Exhaustion occurs when the best that can be seen ahead is fully discounted in the price structure. Exhaustion in a ... Log in or subscribe to continue reading.
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