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Bob Brinker said: “….if you have been listening to our broadcast, you were tuned in when I made the comment that I rated the stock market attractive for purchase when it got down in the area of those March correction lows – down there in the low-1300’s vicinity. And as it turns out, the March correction low was less than 3% on a closing from the initial January correction low – less than 3% -- which meant that it fit the mold perfectly for a successful correction test. And it just is amazing the way people just go down the primrose path without regard to what’s really going on out there. But of course the stock market is not fooled by the Cassandras. The stock market marches to its own drummer. The stock market is marching to the drummer of a better 2009 than 2000 and 2008. The stock market is marching to a drummer of signs of economic improvement beginning to improve by the second half of this year. And that’s what’s really going on out there, because you can’t fool all the investors in the world. I mean you could walk around screaming and yelling recession all you want, you can’t fool all the investors in the world with your poppycock-----This is Moneytalk.”
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Honeybee EC:
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January 20, 2008, in a special bulletin, Brinker discontinued his prior, long-standing "mid-1400's, attractive for purchase," buy level, and recommended only dollar-cost-average.
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February 10, 2008, in a special bulletin, Brinker issued his "low-1300's attractive for purchase," buy level. Peter Brimelow published Brinker's bulletin in a Marketwatch article on February 21, 2008. Here are the excerpts from Brimelow's article.
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Bob Brinker said: "Marketimer views the establishment of a correction bottom as a process which unfolds over a given period of time. This process involves the initial establishment of a closing S&P 500 Index low, followed by a short rally, followed by a test of the area of the previously established low on reduced trading volume. The initial closing low in the current stock market correction process occurred on Jan. 22, when the S&P 500 Index closed at 1310.50. The market subsequently rallied for eight days, at which point it began the process of testing the area of the Jan. 22 closing low."
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"In our view, the correction bottoming process has proceeded with a high degree of historical consistency to date. We have witnessed a decided reduction in selling pressure during the testing process, which is essential to a successful outcome. We now rate the stock market attractive for purchase on any weakness that occurs in the current area of the S&P 500 Index low 1,300s, or any minor weakness that occurs below that level."
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Firstly: The March lows were in the mid-1200's range.
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Secondly: Brinker issued the "low-1300's attractive-for-purchase buy level" on February 10th, so HOW COULD IT HAVE BEEN BASED ON THE MARCH LOWS as he claimed this past Sunday?
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