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Strategies & Market Trends : Three Amigos Stock Thread
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To: Ken W who wrote (20185)6/7/2000 1:28:00 AM
From: Magnatizer  Read Replies (1) of 29382
 
Ken

Magnets main purpose is geared toward support and resistance.

Indicators such as Stochs are best used as confirmation of trend, IMO.

Therefore, it is difficult to compare the two.

Personally, I prefer magnets on indexes such as the nas due to the ability of the index to remain in traditional overbought (and someday oversold) area for months. The stochs did not tell me Nas comp left 3222 untested and was in need of a return to that area. Magnets did.

I normally do not pound my chest but this is a glaring example of the power of magnets. If you read my commentary going all the way back to mid/late November (I was still posting the commentary on the 56 thread at that time) I was pointing out the need to retest 3222 on the comp. I missed some great opportunities on the way up from 3222 to 5k but... I was not long nas for the nasty down from 5k. The retest is now complete and if 3222 is seen again it would not be a "good" thing for the bulls. Possibly the end of the bull for a few years minimum.

At the top there was also magnet read on the Nas 100 which said, "this is all we are gonna get" but that is a whole other post. ;-)

I know this is much more then you asked for but it's late and my mind is wandering a bit.

ht
Mag
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