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Helene Meisler

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2022-08-25

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2022-08-25

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1. “This past weekend I had only thirty five percent or thirty three percent were looking for the next hundred points to be on the upside and I've been keeping that poll for over two years and that's the least number looking for the upside we've had. So it, you know, it tells you something about how fast sentiment will turn bearish. To go back to Tracy's question about did we have short covering or did we have real buying? You know, I think the short covering for the most part ended sometime in late July. And it's not clear to me that you had a ton of real buying in early August. Again, those new highs coming down. So I don't think people are positioned terribly heavily in the market, which means can you come down and make new lows? You can, but probably not before you get oversold and already too much bearishness. So I go back to that 2001 scenario where you could easily have”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

2. “Yeah, this should be mad money. Anyway, you know, so let me just give you about the market right now. I don't know what happens in Jackson Hole. I mean, it just to me it seems like a big wild card right here in the near term. But I think we have a market that should see a lot more volatility. We have a market that has sentiment that is not terribly giddy. It's certainly going to be bearish pretty quickly.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

3. “This is true. But, you know, you can also measure a target there. You don't want to know it doesn't look pretty. We could do this forever. I want this to be”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

4. “Just wanted to see what was happening. And so a stock that keeps trying to break out and can't is the kid who went to the neighbor.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

5. “It's a dot com bust. That's the only thing I see there. I see a stock that had a huge massive peak. And in that respect, I'm going to go to a little bit of a longer-term chart, but we just discussed earlier early 2021. And that stock, if you take a look, got up just over 140, had the big correction. Now take a look how it got to one hundred sixty. And then it just kind of died. Then it corrected. It came up to a little over 160 and then died again. I think if you think about a breakout, like you think about a kid running away from home, okay, did the kid go to the garage of the neighbor next door and look across the street to see if mom was worried or did the kid get on a bus and go to the next town? The kid who got on a bus and goes to the next town is a breakout. The kid who went next door to the neighbor didn't really Want to run away.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Apple ran from 130 to 175. You know big deal if it comes down to 150 and it holds In the big scheme of things it's no big deal. You know if you're an apple holder and I would look at so now I look at the chart and really all I see is a lot of resistance at 180 That's all I see so I think it should correct. Could it correct all the way down to 150? Sure.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

7. “Having a hard time, is it? It's a stock that got to resistance. That's what I see. So let me right now because my view on the market is not wildly bullish. Okay. Right now I pretty much think you're going to have a volatile period from now through September. That's just my indicators say that we're overbought. We're intermediate term overbought. We're short-term overbought. Breath has started to roll over. So you sort of have to cycle through that whole overbought to oversold period. So, you know, if I was, if I thought that the market was overbought here, I would be more positive on Apple right now. But I look at the Apple chart and I say, okay.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

8. “And so I often say bases are not built in a day. I know everybody wants the bottom to be built in a day, but it isn't just like the top isn't built in a day. And if it took nine months to build the top, you can generally expect it's going to take six or nine months to build a bottom because you have to sort of go from weak hands to strong hands.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

9. “Think of resistance. Let me think of how to explain this. Okay, I think of resistance as a big giant sandwich you're trying to eat. And it's the old joke. How do you eat an elephant one bite at a time? Okay. So just because you got to resistance isn't the end of the world because you have to think of resistance as I own it here. Somebody owns it there. And so somebody is saying, oh, God, just let me get back to even. And I promise I'll never trade that stock again. I mean, we've all had that experience. And so you're always going to have somebody who says, thank God I got it. You know, I was down 30% in the stock and now it's gotten back. I swear I'm never going to trade this stock again. And so that's why resistance works, okay? And so just because you back off of resistance doesn't mean it's bearish. You do have to keep eating through it like a big sandwich. Now sometimes it's bearish, but not always.”

   2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Well, last September you had a high at thirty, you had a high at thirty in early March, you had a high it looks like maybe 29 in late March, and then this time you got to 30. I don't know. It seems like resistance to me. Let me just explain to you, maybe some readers should listeners should understand.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

11. “We peaked in October of 2007. How many people you think can say to you, oh, most people think we peaked in 2008? Because you came down, then you had a rally, I think into maybe early January. And then we came down to the Bear Stearns Low. Remember that? And everybody thought, okay, we're done. That was the problem. It got fixed. And we rallied into May. Even the banks had a rally into May. And then, you know, things weren't so good. Okay, Tracy, I'm looking at Bed Bath and Beyond. And all I see is a stock that has some serious resistance at 30.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

12. “Yeah, but you know, Joe, even if you go back and you think about 2007, 2009, you know, we peaked in October of 2007. How many people you think can tell you that”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

13. “On Twitter or Facebook or whatever, like that quickly, everything just happened so much faster and gets reacted to so much faster than it used to be.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

14. “Well, I mean when I was a child, when I got into the business, I told you you had a quote run. You couldn't even pull up a news story on a quotron. The story came across the tape, as we called it. The story came across. And if you wanted to read the story, you had to get up from your desk, walk over to the Dow Jones news machine, which was like a roll of paper that just, you know, spit it out and you had to, you know, sort of pull it off, cut it, tape it, Xerox it, and then you had to go tape the story back at the machine in case somebody else wanted to read it. Think about how much time that took just to read a story. Whereas now you can just pull up any story you want. So that immediately just changes the whole timing in the market. Things are just accelerated now. Now picture that if you can pull up a story in the market and everybody can pull up a story in the market at the exact same time and then it gets magnified.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

15. “100% go back and take a look at a chart. The SP came back almost to the old high in September of 2000. I mean, so nobody was talking bear market. I think there were plenty who were talking that the dot-com bust had happened. Again, if you take a look at that, and then if my memory serves, I think it was in December, sometime early December 2000, one of the high flyers, maybe Cisco, maybe pre-announced a quarter or had some announcement, and it was sort of what I call a realization when everyone goes, oh my God. Maybe things aren't so good And the market started falling. And I would also tell you, I think that Twitter and social media has really exacerbated everything we do in the market tenfold.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

16. “You know, I don't understand who you cannot look at the charts and not see it, but to me it's that obvious. And right now, I think that if you go back again to Tracy left and interest rates were near their lows, and now they've crept up and what's been gotten hit the hardest, oh look, growth stocks.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

17. “And I did an entire study on it, and I found out what affects the stock market, interest rates are obviously the biggie, and the other is taxes. So financial, I mean, some people would say earnings, but I would say, well, low interest rates help earnings and, you know, lower taxes help earnings, so it's all related. But it's financial indicators are what matters to the stock market. So of course interest rates matter. And if you go back and you take a look at the low, in June, I'm sorry, the low in bonds, the high in yields in June, was absolutely not just the stock market stopped, but when all the gross stocks stopped going down. And commodities had a little peak.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

18. “At the moment, like Well, when it comes to bonds, I just literally just look at the charts because that's all I have personally. I don't have anything else. I do have a sentiment indicator that I like to use, but it only gets extreme if you're lucky once or twice a year. So which, by the way, it got extreme in June, which meant yields were probably at the high. There is a direct relationship between interest rates and the stock market. As a matter of fact, I will tell you that in January of 2017, just as Trump was taking office, everybody was a little hysterical what was going to happen to the stock market. And I went back and I looked at how presidential scandals, if you will, or situations affect the stock market. And the answer was they don't.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

19. “Led to I can't remember if it was about a twelve or thirteen percent rally in the SP over the next six or eight weeks. And you did not turn around and die. We went into from November until March or April. We just went into it like a ten percent trading range up and down, up and down, up and down, up and down. Now, yes, what came out on the other end in April was a complete plunge, but forget that. But you really, and it seems to me nobody even entertains the fact that now we can just have a market that doesn't have to give it all back. It doesn't have to keep going. You could really just digest what we just had within the context of ups and downs, ups and downs. And I sort of think that's probably likely. In other words, I don't care what Jackson Hole happens. If the market plunges, so it's part of the up and down, up and down.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

20. “didn't live through it all right which is why i i look at those 1929 crash charts and i'm like scared okay so history repeats patterns repeat and so yes i often will take a look at a chart and think ah i think i've seen this before and most recently i took a look at um 2000 to 2001 and it's it's quite interesting to see how we came down and we rallied and we came back anyway if i i did a twitter thread on it and and what i found was fascinating was obviously no one could have ever predicted 9-11 and let's hope we never have another one again but that capitulatory love”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

21. “And that's how come we made the low that morning because they literally closed the market without really closing the market, which is what the circuit breakers today are sort of meant to do, right? Anyway, but to me that was pretty scary. So again, anybody who tells you that, oh, it was so easy, please.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

22. “To me, it's just amazing. And I lived through the 87 crash, okay? And I will tell you that the only people who tell you, oh, look how easy it was to buy are the people who are looking at charts. And didn't live through it because I got into his view. It was probably to me it was one of the scariest periods in the market I've ever seen. You know, I mean, everyone gets crazy now, but the stock market was down twenty percent in one day. And it had come on the heels of three incredibly bad days prior to that. And then when you open down again on Tuesday morning, just so listeners know what happened that Tuesday morning when we still had a specialist system in place, twenty-eight of the thirty Dow stocks were halted for trading at, I don't know, around 11 o'clock in the morning. And the specialists said I'm not reopening till I found buyers.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

23. “That's a great question, so I'm going to start by telling you I don't believe in analogs. But I do believe history repeats and chart patterns repeat because if you didn't believe chalk patterns repeat, why are you looking at charts? But, you know, all those analogs, why do they always end up in a 1929 crash?”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

24. “Yeah. And in 2022, you could probably count on one hand up until May, the number of times the queues didn't trade over a hundred million shares. So everybody is looking for that one day when the capitulation had taken place over months. You know, it was just 100 million shares every single day you were trading these incredible high numbers of cues. I mean, go back. Or if you go back and you look at Apple. I mean, take a look at Apple and all of a sudden Apple was trading millions and millions and millions, millions more shares than it had ever traded. So there were people, there was plenty of selling. It just didn't happen. Oh my God, in one day.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

25. “Let's talk about the cues for a minute. In 2021, you can probably count on one hand the number of times the queues traded over 100 million shares.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

26. “To the charts, go take a look at all those arc names. They weren't making new loaves, biotech had stopped making new loaves. A lot of the software stocks had stopped making new loads and so was that shorts covering? I can't say What somebody had decided it was enough. And I think that's how you sort of got that June Low was over a period. Now I'll go back to one other thing, is that everybody was talking about, but we haven't seen capitulation.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

27. “And I think we got very oversold in May. And if you go back to that whole May-June period, you were oversold, you had a little rally in late May, and then you came down again. But again, as I said, you had almost 1,800 stocks on Nasdaq making new lows in May, but by the time you came down in June, you had a little over a thousand. So that's already a contraction in new lows. And sentiment was only getting worse. And then you have, I talked earlier about the McClellan summation index, which is a slow moving breath indicator. I'll just use it at that. That was actually making a higher low and starting to turn up. So you were already starting to get people. There were people buying stocks in May. I don't know who they were, but I know that people were, or at least they were no longer selling them. And, you know, you can see it now if you go back.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

28. “Well, Bob Prector, famous technician, once said all rallies start with short covering. And that's true. The question is whether or not after the short covering is finished, you get real buying. I suppose that what you could say is that the number of stocks making new highs having peaked in late July, early August probably tells you that whatever buying you had petered out by then. And anything that was left over was just, you know, if you will the dregs. So I think sentiment was incredibly bearish, but I think it was incredibly bearish in May.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

29. “Right. So now to go back to AAII, because I have a pet peeve that if I could use this platform to scream from the hills for, Everybody who uses AAII, okay, they only seem to use it to give you their bullish case. They never once tell you when bulls are over 55% in the first quarter of 2021, you didn't hear anything about AAI. But when bulls got down to fifteen percent in May, oh, everybody was talking sentiment. You know, first of all, it's really mostly a crap survey because how many people do you know that are members of AAII? And if they are, they're all... And I have found that to be an incredibly useful survey.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

30. “That's bear market low kind of stuff. I mean, you just don't see those kinds of numbers often. And now what we got as of last week was you've got 45% bulls and 29% bears. So they're not out of control, but they certainly have flipped. I don't know what this week's numbers will be. I assume that when they come out tomorrow, they'll have come back, the bulls have come down and the Bears have come up because last week was really quite. I should have mentioned.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

31. “That's number one. So it's not just willy nilly. I feel like market has gone up. Market is going down. Somebody is actually doing analysis and sending out a newsletter that somebody is paying for. And so this outfit compiles each week. How many of them are bullish? How many of them are bearish? But they also take into account how many of them are looking for a correction. And those are primarily bullish, but they're just looking for a short-term pullback. And so you can really quantify it. It is very slow moving. It doesn't jump around like the AAII day traders do. And I don't know about the Bank America survey because obviously that's proprietary to them. But III or investors intelligence, like I said, has been around, has got a very long history. I find that to be the gold star of surveys. And if we want to take a look at that, back in June, there were 26.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

32. “To me the gold star in sentiment surveys is the investor's intelligence which no one ever talks about anymore. But it's been around since the sixties. And it is compiled of, it's either 100 or 120. I can't remember newsletter writers. So you have to have somebody is actually paying for your advice.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

33. “And when you came down in May, you had that exact same number, which was 1792. You had that exact same number. And then when you came down in June, you only had 1,000 or maybe 1,100. So each time we came down, it was the inverse of what you kept getting in 2021, which was fewer and fewer stocks were participating on the upside. What you were getting was fewer and fewer stocks were participating on the downside.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

34. “He would have piqued well earlier than November in Nasdaq, and if you go back and look at all these charts, most of them never made new high skin or if they did they sort of got up there and failed. So to me, we are eighteen months into a bear market now. That's what to me the internals can tell you. And so then if I come back and I say to you, everybody talks about the June low this year. But I'd like to point out that you had the peak number of stocks making new lows on NASDAQ just shy of 1800 in January.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

35. “Because if you go back, okay, there you go. If you go back, that was when you had peaked everything, peaked speculation, you had the most bulls and bears, sorry, the most bulls and fewer bears in the market, you had over 700 stocks making new highs on Nasdaq. That's unheard of. You had the biotechs were running, the meme stocks were running, you had, oh, peak spacks. Let's not forget about peak spacks. And all of that, and then you had what should be what was a normal correction into the spring, off of a big emotional high. You started to get much narrowing breath. You know, you started to get to the point where there were what, ten NASDAQ stocks that were influencing the entire market. Without them, we...”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

36. “That is a good question no. So let me take you back a little bit to Joe, you mentioned that the meme stocks were coming back in vogue just recently, just like the first quarter of 21. Everybody dates the bear market to the peak in November for Nasdaq and the peak in January for the S&P. I think the bear market actually started in the first quarter of 2021.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

37. “And all I'm looking at is the SP is up $30 today, and I'm looking at the market internals and going, ah, that'll look so great. So it's the same equivalent. So to Tracy, to go back to your elevator pitch, it's not much different than fundamental analysts who are looking at earnings and breaking it down. They're looking at growth rates. They're looking at, you know, they're looking at all the expense ratio. And they're looking at all the same things I'm looking at, only I'm looking at it from what the market actually is doing and therefore what individual stocks are doing to make up the index.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

38. “For me, yeah, I'll give you the fundamental equivalent. When Apple reports earnings and everybody is looking for $5 and they come in at $5.03. They beat, right? But then if you start breaking it down, ooh, revenues were a little light. They did it on share buyback. They did it on expenses. They did it. You start breaking that down. And maybe that 503 wasn't so great.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

39. “To see that fewer and fewer stocks were participating. So that to me is the analysis on the indicators. And that should eventually show itself up in the charts. And so now if you go back and you take a look at a lot of the charts from the last few weeks, you'll see so many of them peaked out by early August. And so the last couple of weeks were just sort of a lot of churning and going back and forth and not really doing anything.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

40. “Right, you're looking for you don't want a narrow group of stocks taking the market up. You want a lot of participation, so what's the breadth of the market? And I use the advance decline line as a guide, but I also use, I use the McClellan summation index. I don't want to get too wonky on you, but that's sort of like a third derivative of the advanced decline line. So it moves much slower. It takes a lot more to turn it. So when you get a turn, it tends not to be false. And I also use the number of stocks making new highs and the number of stocks making new lows. So if you go back to Tracy's comment back in late July, Nasdaq had a smidge over a hundred stocks making new highs. When NASDAQ kept going up what another five percent or something like that, you could hardly even get to 80 new highs. So you were already starting to see the waning. So you didn't even have to look at charts.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

41. “I mean, some good charts can turn bad and bad charts can turn good. So I start with indicators and that's what I analyze. How's the breadth of the market doing or what are the sentiment indicators? What's the momentum? So if you start with breath just recently, breath was hanging in there really well up until about 10 days ago.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

42. “I call analysis not chart reading How now what's the difference? The difference is for me I start with the statistics and indicators on the market. I don't start with what the charts are doing because good charts turn bad and bad charts turn good. I mean you just said Tracy you just said you left your vacation and the market was up near the highs you come back and everything sort of plopped”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

43. “Okay, first of all, I'm not that old. I know I'm old. I wasn't around in the 70s. I started in 82. But let me just say that I think what's evolved over the years, back when I first started, you didn't have what I call today chart readers because so many people, you know, think of, I've just told you how hard it was to get a chart. And so you didn't have access to charts everywhere. They just weren't available. You literally had to buy them. And so you really had to be into charts to do this. So you didn't have a bunch of people who even understood what a head and shoulders pattern was or how to draw a line or anything like that. And so that has changed drastically now with the fact that anybody can pull up a chart on a computer. And so the analysis that we did when I first got into the business was”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

44. “What you missed. I was going to say, you know why it's good to do that, is to sort of take a set of data for a month or two and just literally chart one stock is because after you do, let's say, a week, you take a look and you say to yourself, what do I think this stock is going to do now? And then you could see immediately if you're right”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

45. “Cycle about 10 or 12 years later, 13 maybe, and it's 1996. I'm still charting by hand. And my husband gets transferred overseas to Singapore. And so I pack up my stuff and I go, I quit my job. And I said, you know what? I got, I mean, we only had dial-up internet, but I know that there are chart sites and I can get charts on. I'm going to give this up. And all I was going to do was I was going to sit at home and trade. I mean, you know, I had no job. And one month, it took me one month before I felt like I didn't know what the market was doing every day. And so I went back and I actually posted on every single chart the month I missed. And I've not given it up since. And of course, the whole time I'm doing it, I'm thinking, oh, goddammit, Justin was right.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

46. “Way to computerize this. So the next morning I tell him there has to be a way to computerize this. And he says to me, there is a certain feeling you get from putting the pencil to the paper, also from sharpening the pencils. Imagine 23-year-old me. I eye rolled. I did the whole deal. And I said, oh my God, I can't believe this.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

47. “On a screen, and then we had computers, and then everybody could have a PC on their desk. So I will tell you the story that when I started working with my mentor in technical analysis, Justin Mamos, he had this huge pile of charts, handed it to me, and the chart scales are semi-logarithmic. So it takes a little while to get used to them. And he gave me one little piece of paper that showed me what the scales were and told me to chart them, and he left the office. And I was still at the office at eight o'clock at night because, you know, you can't start charting until the market settles and that was like at 4.20 anyway. So I'm charting and I'm thinking this is ridiculous. You know, I'm 20 something years old, 22, 23. And I'm thinking, oh my God, he's so old. And he was probably 55. And I'm thinking he is so old. There has to be a”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

48. “What that is. Well, let's start. I just put a pencil to the paper every day. It's not, and it's a high, low closed chart, and I do volume. When I got into the business, which was actually 40 years ago this year, we didn't have computers on every desk. We didn't have PCs. You had a quotron, which gave you quotes. It didn't even give you news. News just scrolled across like headlines. If you wanted to look at the charts on the market, you had to post them by hand. I mean, pretty much what everyone did. And then you had some services that you could buy where you got paper charts like O'Neill, you know, of IBD fame, did these daily charts, and you'd get them in a book once a week. And then there were some weekly charts. You could get. But that was the only way to do it back then. And then slowly they started to computerize charts on a...”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source

49. “My gosh, what an introduction, Joe, thank you. I just want to say, I'm going to tell you guys that I have been listening to your podcast forever. And so when you ask me to be on the podcast, I felt like when you have a favorite TV show and then two stars have invited you on as a guest. So thank you.”

    2022-08-25 · Odd Lots · Helene Meisler On What's Going On With the Stock Market Now · IDENTIFIED FROM THE TRANSCRIPT · source