Tom Scollon
Tom Scollon
Chief Editor

And thank you for those of you who wrote in with very sincere concern for my state of mind. I am sorry if I alarmed you but I have found getting things off my chest a calming process. Very therapeutic. Thank you for those that referred remedies and self help web sites for this sort of cognitive behavior.

My shrink said that I show only mild schizoid behaviour but that is not unusual when you are trying to be something you are not, when you are trying to be a bear when your underlying inclination is to be a bull.

He did warn me about being smug. If I am a bear I should not resent others’ good fortune if I am on the sideline with cash. Nor should I be joyous when things then go wrong for others, like if the market were to reverse down as bear’s long for.

He thought there was no need to follow up on Gamblers Anonymous as I had demonstrated I can stop and start trading at will.

Intellectually – not that I am any great genius – the last 3-4 weeks have been intriguing. As an Elliott enthusiast I watch with astute interest the change in projections as each day’s data is added./p>

The latest picture is:

click chart for more detail
click chart for more detail

It seems that no matter what spin I put on Elliott these days I cannot help but see more downside. Dare I say, however, that you always have to be prepared to be wrong.

But being on the sidelines with cash should not be a worry. I must say I am feeling very relaxed about it all. Staying out of the market can also be part of the discipline of trading. Part of the stalking technique. I feel like the Kruger big cat ready to pounce. Timing is everything. It is the only thing. You don’t need to hunt every day. Otherwise you are living on nerves.

Yeah I am still enjoying the ride and the recent market action has cemented my view. This ol’ bull has plenty of grit left in him.

Enjoy the ride!

Tom Scollon
Chief Analyst