The speculator is not an investor. His object is not to secure a steady return on his money at a good rate of interest, but to profit by either a rise or a fall in the price of whatever he may be speculating in. Therefore the thing to determine is the speculative line of least resistance at the moment of trading; and what he should wait for is the moment when that line defines itself, because that is his signal to get busy.

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Modified: Thu, 08 Jun 2006 17:02:46 -0400 Copyright © 2012 R P Herrold http://www.herrold.com/spec-list/