Thank you to Michael over at Taylortree.com for doing some heavy lifting on Tom Dorsey's $90 to $100 theory. You can see the comments from yesterdays post about this but Mike's take away is not so much.
One other quick note. I have read in more than one place this morning that energy may be the new tech as far as providing growth leadership to the market. Maybe this is true or maybe not I'm not sure. Before anyone gets carried away with bubble worries here's some context. Energy currently represents 8.5% of the S+P 500, up from 7%. In 1981 it was about 30% of the S+P 500.
If and when any type of bubble occurs I would not expect the media to be out in front of it. This may be one piece of anecdotal evidence of why there is no housing bubble. But as I said earlier this week I have trouble understanding the never ending demand for new houses.
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1 comments:
Roger,
Just to follow up on Tom Dorsey. He has newsletter that uses Point and Figure charts. Google "Dorsey Wright" and it should be the first choice. He has been touting the $90-$100 theory for at least 8 years.
The chart on the NYSE bullish percentage that is published every Thursday can be very useful.
Matt
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