Were you ever fooled by laughter's lure
Only to find that they laughed in spite?
--The Who
It has been said that by the end of bear markets, no one is left standing--not even the bears. One reason for this is the false promise of bear market rallies. The allure of higher prices gradually lures bears out of their caves as they perceive the worst is over.
Then the Next Time Down decapitates them.
Give this process enough time and it is easy to see why few make it to the other side in one piece.
position in SPX
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1 comment:
I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have past.
~Jesse Livermore
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