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Trading the Trend (Collection) by Michael W. Covel

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9. Holy Grails

“Jesse Livermore described Wall Street as a ‘giant whorehouse,’where brokers were ‘pimps’ and stocks ‘whores,’ and where customers queued to throw their money away.”

The Economist1

“What is dangerous is for Americans not to be in the stock market. We’re going to reach the point where stocks are correctly priced and we think that’s 36,000...It’s not just a bubble. Far from it. The stock market is undervalued.”

James Glassman, Syndicated Columnist/Coauthor, Dow 36,0002

Another psychological aspect that drives me to use timing techniques on my portfolio is understanding myself well enough to know that I could never sit in a buy and hold strategy for two years during 1973 and 1974, watch my portfolio go down 48 ...

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