Mark Cook: 29% correction in March 2007

duard · Mar 6, 2007

Quote from stonedinvestor:

My Grandfather Jerry had an oval machine at the top of his closet- yes it was an original ticker. Before Bloomberg was even a thought in the belly of Mrs. Bloomberg- the exchange would sell these tape tickers to folks who actively traded but were a stage below owning a seat.
My grandfather and two of his friends used the machine in a little office in the North Fork of Long Island. As a child I would take it down and look at the gears-- the gears that drive modern society. There were pieces of tape in their too with symbols of long gone steel companies and banks. What a great machine. Then one day when I was away Grandma decided to clean out the closet. Grandpa Jerry was long dead by then I must of been all of eleven and didn't realize the great crime she was about to commit. She walked the gizmo down the hall and left it with the elevator man to take to the garbage. That tape reader by all accounts could pay for my child's college if I still had it.

The reason I say this is because I am an old fashioned tape reader. The mechanism of tape reading gives a true feel of how monies are input and withdrawn. I watch the screen almost non-stop from beginning bell to closing bell and I see the same patterns appearing that have the DNA of foreign buying.

No Sir you are not an old fashioned tape reader- I am. ~ stoney
More...

Yeah so put that in your pipe and smoke it.... Go SI........

smilingsynic · Mar 6, 2007

Quote from austinp:

<i>"The bounce will sooth a lot of nerves and keep the lemmings into their existing long positions. It's the NEXT WAVE down that will cause the panic."</i>

I would expect a solid bounce back toward recent highs, sooner than later. It better happen on accelerated volume and mile-wide breadth, or the next selloff to follow will make 2/27 look tame.

If this market pops and fails to hold uptrend from there, watch the Dow lose -1,000 points inside of a month. Possibly one week. That's what happens when markets go up on stilts, leaving big gaps and air pockets below. Check the monthly chart of crude oil for a recent example.

Ball's in bull's court. Bounce from above 1350 on big volume and breadth. Keep going steadily up from there with tech, semis and small caps leading the way. Simple as that, bull run continues unfettered. Failure to do that, we'll be trading Dow 10,000 again in 2007.
More...

What's your view on today's breadth and volume?

From my standpoint, breadth was strong, but volume overall was weak.

It was a 90% up day, but I remember those during bear market rallies. I would prefer to see a confirmation day (who wouldn't?).

Alex_in_Oz · Mar 7, 2007

I don't think today will be it somehow...
Nikkei down 79
Hang Seng down 139

'Goldilocks' futures down 24 already

Imagine if its a real bad jobs report Friday.....

KS96 · Mar 7, 2007

Who is this Mark C(r)ook,
and why do we care?

austinp · Mar 7, 2007

<i>"Who is this Mark C(r)ook, and why do we care?"</i>

You are disparaging someone off the cuff whom you admittedly know nothing about?

Try posting an intelligent thought next time.

Trendytrader · Mar 13, 2007

Hmm...only have to push below 12071 tomorrow...futures already leading the way and then see how fast the liquidity driven equity bubble deflates.

ByLoSellHi · Mar 13, 2007

Only 22% more downside to go guys.

mschey · Mar 13, 2007

Quote from KS96:

Who is this Mark C(r)ook,
and why do we care?
More...

Do some research...he's one of the best....best of the best, IMO!

Alex_in_Oz · Mar 14, 2007

Nikkei DOWN 500+ at lunch
Hang Seng DOWN 500+ last time I checked

Dow, Nasdaq, S&P well you know the rest....

This is just the beginning

smilingsynic · Mar 14, 2007

The latest from Mr. Cook

http://www.markdcook.com/index.cfm?page=Commentary-11:-3/09/2007