 | |  | | The first Bear Market phase is marked by clear and widespread technical deterioration, even while almost everybody is still feeling extremely bullish. But when everyone who ever is going to buy has already bought, there is only one direction for prices to go --- down. When buying power is used up, there is insufficient demand to absorb the accelarating distribution of stocks by the smart money at current prices, so prices have to move lower. An ever increasing number of stocks already have stalled out and formed potentially bearish chart patterns. But even as stocks break cretical chart support levels, this clear bearish technical evidence is widely ignored by the uninformed masses. After all, fundamental business conditions are still rosy, and "buy the dips" is still the advice of the brokers and the dealers and their paid spokesmen in the media. The public hopes and believes that the "conventional wisdom" of all the highly compensated Wall Street analysts, strategists and economists is right. Besides, the public has been told that they bought for the long term, and over the long term stock prices always go up. So, stock price declines are met with general disbelief. The public would buy more, if only they were not already fully margined. But they are. So they can't.
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fully margined ---- ?????ú???? ?¨???????????????×????
distribution ---- ????
to be continued
[ Last edited by qling on 2003-8-4 at 10:58 PM ] |  |  |  |  |
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发表于 2003-8-4 12:46
发表于 2003-8-4 15:50
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