Don- Although I am playing the 3 day pattern too....I still maintain that the next few trading days could "play out" similiar to immediately after the "Greenspan day"..(early December)
If you recall, we sold off both of the 2 trading days after Greenspan's speech, but THEN had another big up day.....and repeated that pattern (approximately) one more time until failing at 3000....
It seemed to me that Friday represented the
"Greenspan day" more than the one-day reflex rallies we had in Sept-Nov...but, of course, it is pure SWAG on my part...
Also, I am operating under the assumption (rightly or wrongly) that a lot of the big managers are out of the office now, and are not dumping big blocks (sure, a few are, but not like earlier in December)...these days are mostly "the little guy", and despite the horrible year, the little guy is always more optimistic than most, and, I think, will dive in some here....Given the historic "up" time from Xmas-New Year's (especially Naz)...I think it is worth a long here....
(I am more nervous about the 1st weeks of January...)
Even if we selloff here, it will be low volume, and technically that is good (if we are going to retest)...
SWAGGING all the way.. |
