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Friday, April 10, 2009

After Four-week Rise in Stocks, Brinker Declares 676 "Benchmark Low"

Posted April 10, 2009: Bob Brinker retrospectively called 676 a stock market "benchmark low," and blamed the drop on the "bear raiders." [One would almost think he wasn't aware that the uptick rule had been done away with until just last week.]

Moneytalk, Saturday April 4th, after the market's 23%+ rise off March 9th low, Bob Brinker said: "That's when you saw that very brief period of time from late-February to early-March where you saw the S&P 500 dip down to close at the benchmark low of 676.......

The irony of this is almost unbelievable because the low happened just four days after Brinker said in the March issue of Marketimer that since the November low did not hold (as he thought it would) there would have to be a "new bottoming process."

On April 3rd, Brinker seemed to capitulate on trying to actually use numbers for calling his buy-levels (for NEW money), as he had done throughout this mega-bear market that his timing model "missed." April 3, 2009, Marketimer, Bob Brinker said: "We regard the market as attractive for purchase during periods of weakness......" [Brinker's model portfolios have remained fully invested since March 2003.]

There hasn't been any noticeable "weakness" since March 9th. Poor Brinker -- he seems to be having great difficulty getting on the right side of the market. Perhaps he would make a better contra-indicator.... 8~)

Now there has been a straight five-weeks rise in the stock market. This has not happened since late 2007. The Dow closed at 8083.38, up 0.8% for the week; the S&P 500 Index closed at 856.56, up 1.7% for the week; The Nasdaq gained 1.9%, closing at 1652.54.

Chart courtesy of Kirk Lindstrom [link]:

For those who enjoyed the wisteria picture, here is another one that I took from a little further back. FrankJ mentioned that it's not a good idea to plant it close to your home's foundation. Click on it to enlarge.


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