"......when a stock is going up
no elaborate explanation is needed
as to why it is going up.
it takes continuous buying to make a stock keep on going up.
as long as it does so,
with only small and natural reactions from time to time,
it is a pretty safe proposition to trail along with it.
but if after a long steady rise a stock turns
and gradually begins to go down,
with only occasional small rallies,
it is obvious that the line of least resistance has changed
from upward to downward.
such being the case
why should any one ask for explanations?
there are probably very good reasons why it should go down,
but these reasons are known only to a few people
who either keep those reasons to themselves,
or else actually tell the public that the stock is cheap.
the nature of the game as it is played is such
that the public should realise
that the truth cannot be told by the few who know."
(reminiscences of a stock operator)
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