Twelve Choruses

Markets live chat transcript for the chat ending at 11:52 on 14 Mar 2007:

Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)

PM: Moments like this remind me of the Twelve Choruses of the Market Cycle, written by a guy called John Train.

NH:Oh yeah
NH:What are they then?
PM: One
PM:Washout or Selling Climax: “Stocks are going way down.”
PM:Two — The Early Surge: “Things look better, but its too early to buy.”
PM:Three — The Surge Continues: “Prices seem high. It’s too late to buy.”
PM:Four — The Second Stage of the Rocket: “Maybe it’s ok to buy.”
PM:Five Not a Cloud in the Sky: “Buy!”
PM:Six The Blowoff: “Stocks can only go up.”
PM:Seven Coasting: “The market is high, but this time is different.”
PM:Eight The Top: “Hold.”
PM:Nine Over the Hump: “It’s too soon to sell.”
PM:Ten The Slide: “Prices are cheap, but it’s too late to sell.”
PM:Eleven “It’s OK to sell.”
PM:Twelve The Cascade: “Sell!”
NH:Hmm – So where are we, do you reckon?
PM:Nine !


They’re referencing this article by John Train, written in the FT 1994.


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