Just a quick post sine everyone is probably wondering about Friday’s rally after the previous six days of selling that took the Cubes (NASDAQ: QQQQ), the market, and many former leaders down to oversold levels. Indeed, we can see Friday’s bounce and possible setting of the second bottom on a double bottom base. All is good so long as we don’t undercut, and close, below Friday’s low, especially on volume. If that happens it will signal a leg down. If that doesn’t happen, we’d look for a close above the middle of the potential “W” bottom base, i.e. a close on volume above $42. See below for the weekly view.
This was originally written and posted on one of my other blogs last month. Just a summary of where Bush has taken us economically. Thanks George!
To [some] others being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes.
From the March 10 edition of the New York Times:
The Conservative Epiphany
By PAUL KRUGMAN
Bruce Bartlett, the author of “Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy,” is an angry man. At a recent book forum at the Cato Institute, he declared that the Bush administration is “unconscionable,” “irresponsible,” “vindictive” and “inept.”
It’s no wonder, then, that one commentator wrote of Mr. Bartlett that “if he were a cartoon character, he would probably look like Donald Duck during one of his famous tirades, with steam pouring out of his ears.”
Oh, wait. That’s not what somebody wrote about Mr. Bartlett. It’s what Mr. Bartlett wrote about me in September 2003, when I was saying pretty much what he’s saying now.