Mark Cook: 29% correction in March 2007

Reading other comments of his., same link,thanks.

Says he grew up on a farm,;
big rule there, same as stock market,
''never let a bull turn on you

 

Here's the Mark Cook story of his greatest losses and recovery.
3 posts altogether. 2 and then one last one after someone elses post. Read down.http://www.elitetrader.com/vb/showthread.php?s=&postid=1116566&highlight=Mark+Cook#post1116566

 

China is up 4% right now. It's not likely to be tomorrow...

 

Shanghai back to 3000+
trading at 2881. Could reach new highs by the end of the week.


^n225 down now but im sure it turns green soon.

 

Here it comes.

 

Mea Culpa here...

I just glanced at the Yahoo quote and didn't realize it was stale -- yesterday's close.

It hasn't been particularly pretty in China but not a nuking -- so to speak -- either...

 

Thanks to the person who posted the link to Mark Cook.

Many, many thanks.

 

Shanghai down over 2.5%...

and the ride continues.

 

I spoke with Mark today about the market and his timely newsletter last Friday. thought you might be interested in some of his comments. Mark says: "this was the ball bat to the legs of a ninety year old man.....this market is maimed with a long shot of recovering because it is an old bull market....there is more to downside in the coming weeks....the foreign money will abandon this market in 2007.....and that is a considerable source of funds...."

I say, fasten your seat belts...

Cook Advisory 3/1/2007 pm (with Cook's permission)
The Slam

SHORT TERM:

The early morning saw a capitulation type move for the short term whereby the S & P futures journeyed to the 1380 price area and the Russell to 773. Both of these represented lower lows than Tuesday’s debacle and then a very vicious rally in the blink of an eye pushed prices back 30 points by afternoon in the S & P futures. This type of action will carve out a range but do not think that the volatility has ended as this is now a traders delight.

INTERMEDIATE TERM:

Yesterday completed the month of February and this represented the first month in the last nine that was in negative territory. Also, it is very important to note in your diary that this AM’s action almost completely wiped 4 months worth of gains out of many of the indices. This is a purging type of environment and is always an end result of unbelievable complacency that stems from a misplaced theme of ‘this time it is different’. The resulting decline from last week’s highs to this week’s lows is approximately 85 S & P futures points. The Russell has also had its comeuppance whereby it was a very strong entity last week and then it gave up approximately 60 points. The important noteworthy aspect to the intermediate term is that the traders are now those making money while the old buy and hold mentality has once again become terminal.

 

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Worth repeating

And this a good one too, on the farm or in the markets;
''never let a bull turn on you''