Quote from MarketMasher:
Well, a minor pullback in an uptrend doesn't really qualify as "significant", let alone "most significant" in 53 years (if that is actually what he said).
Much of what JH says seems to be pretty standard fare, but as Queen Gertrude said to Polonius in Hamlet, the general criticism has been...
"More matter with less a art."
Polonius:
Your noble son is mad:
Mad call I it, for to define true madness,
What is't but to be nothing else but mad?
But let that go.
Queen:
More matter with less art.
Polonius:
Madam, I swear I use no art at all
That he's mad, 'tis true, 'tis true 'tis pity,
And pity 'tis 'tis trueââ¬âa foolish figure,
But farewell it, for I will use no art.
The combination of knowledge and skills that people build over time becomes part ot the quality and quantity of their first recourse as they trade.
It is certainly alright for any person to be at any point in that process. Th process for people goes on at various rates and various plateaux are reached as time passes.
In the econometrics from just localities to global interfaces difffering stages are contemporary at any given time. The context of this Depression is significant in 2010. there is a whole range of understandings of this matter.
For me, it was very significant to reach a given point in the econometric process. My combination of knowledge and skills allow me to recognize what is going on on all fractal levels from the finest granularity to the very coarse Depression level that is years and years in length as it is processed from beginning to end.
Everyone has the stages of this Depression in hand as a common set of knowledge. different people at different stages of life get to experience the process of this Depression with varying sensitivities. Now, we are going from point 2 to point 3.
The segment from 01SEP09 to point 3 is worth focussing on in a step by step manner.
Personally, I have responsibilities as I participate in ET. They are spread over all the levels of the members knowledge and skills spectrum. From a binary vector viewpoint no one is standing still. People are either going towards expert or they are going towards the exit as traders. It is not a "War of the Titans" there are not little owls around nor are ther poets or authors of tragedies.
The path from 01SEP10 to point 3 all involves more than the simple pattern od three dsimple moves being directly observable. In chesse's terms the gyrations have some nuances.
The FTT that will mark point 3 and become the left side of the nonstationarity is an important event. When the first "provisional FTT occured, it was an important marker simply because of the implications of th reat of the process of the Depression.
It is like the way GM went about its relationship with Toyota. The 16 Samuri of GM became trained by Toyata to save GM. they didn't and the market share went down 11 percent in 10 years. then years and years past an the management and the unions could not get together to invoke the Toyota approach.
In 75 years approximately, Toyota has just closed its first plant that has ever been closed. These are companies that have learned from each other on an open playing field.
Traders do learn from each other. Both have skills and knowledge and for each it is different.
Someone other than I has explained to you the 01SEP10 call and why it was stated the way it was. Having the first provisional FTT on a Bull retrace in a Despression only occurs once. All other provisional FTT's are AFTER the first provisional FTT and BEFORE the final FTT.
Knowing that you know during this period is very important. Nothing changes for most traders who do not care or do not know. They have the consequences of their decisions.
I made a statement at the time and stated its importance. I want all families to do their best over the years as the Depression process unfolds. This is not a complex or complicated viewpoint.
Accutrader is picking up his marbles. Blox87 picked up his marbles. the three T's picked up their marbles.
All the time people pick up their marbles and head for the exit vis a vis trading.
The alternative is building a fully differentiated mind to be able to partner with the markets. What this means is that all the time a person has available as a first recourse just what he needs to merge inference (the contents of the differentiated mind) with the sensory moment and "know that he knows".
Shakespeare was a person who's mind was fully differentiated with respect to human nature and behavior. He could create any moment and have a unerring first recourse to write the subsequent words that were clear, crisp and concise(in the words of E. B. Whyte and Strunk).
My hope for Blox87 and accutrader where that they would continue to work to build their minds up on organized fully differentiated structure; they picked up their marbles instead.
There is no "my way or the highway". Those who invent viewing me as "my way or the highway" are choosing to do it because of their choices.
Your choices are your choices. To work your way out on a branch leads to the branch snapping when you get too far out.
Depressions are expressions of imbalances arriving as a consequence of integrity not holding sway. Integrity, as a first recourse, is always demanded; it is not a want or an art. It is what matters. Science brings that to all systems. Their structure, processes and results make anything possible for the differentiated mind.