March 29, 2006
Charting the markets
I think the best general technician on the street is Lehman's young Degraaf who I read daily. He's concise and very broad.
HE RARELY POUNDS THE TABLE!
Today he is TABLE pounding Japan. He has been bullish for one year and correct. He loved Silver a year ago and pounded the table. He is not worth betting against on Japan. I was with him on Japan - using EWJ and Honda and now a little Sony and I am with him on his silver call. Despite a 15th raise by the fed, the Japanese market closed defiantly strong last night. The tape rarely lies and you get run over when you stand in front of the tape and take a pounding.
I quote- " ..much of the enthusiasm that had built up at years end (a major bull run) has dissipated, and we are table punders on Nikeei exposure."
Pounding the table - from a brokerage firm. Ballsy!