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Thomas Gibson's Weekly Market Letters, 1908, Vol. 1 of 2 (Classic Reprint)

Thomas Gibson's Weekly Market Letters, 1908, Vol. 1 of 2 (Classic Reprint)

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Excerpt from Thomas Gibson's Weekly Market Letters, 1908, Vol. 1 of 2

Fortunately it is not necessary to offer any explanations or excuses for errors of judgment in advice offered during the year 1908. The advice offered has been uniformly bullish, except in a few instances where temporary profit-taking was recommended because of a weakened technical situation. The points at which recommendations to take profits and the points at which purchases were again advised are shown in the following chart.

It is most gratifying to note that the change from a bearish to a bullish position in 1907, although a little premature, was justified by the events of 1908.

In my opinion the year 1909 will offer greater opportunities for profits than any year since 1906. Not that the market will advance more in points than in 1904, but that several very severe reversals will occur, which, if correctly foreseen, will give a greater gross range of prices than would occur in a perpendicular advance. It is quite certain, however, that more difficulty will be encountered in reading major movements in 1909 than was the case in 1908. In 1908 prices were so low that only the stubborn, the unreasonably pessimistic or the ignorant, could look for anything but an advance. This is not true of the present range of prices, and if we are to succeed it will be necessary to exercise unusual vigilance and great discrimination as to selection of securities.

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