XAO 0.43% 7,293.7 all ordinaries

Picking the Low

  1. 868 Posts.
    Just read John Aldersley's column in the "Investor" section of Sun Herald. Here he is, bragging away about how he picked the low of the market, 1 day before the "rally" on Wall Street started. The intra-day low of 7196 on the DJIA occurred under 2 weeks ago (4 Oct).
    There's been a nice rally since then, over 1000 points, but really.....to pat yourself on the back after less than 2 weeks??? History shows us that Bear markets are interspersed with wild rallies (short lived), the reverse being true for Bull markets. Sure.....this could be a sustainable rally, but US Companies are already being downbeat for 4th Q and Ist Q 2003 earnings.
    I've always been suspicious of Aldersley....I've told a few friends not to invest large sums in his DirectPortfolio business. And who does he compare himself with in this article?? Good old Abby Joseph Cohen....now there's a big negative if ever I saw it.
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