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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Gush who wrote (5371)2/26/2005 12:17:50 AM
From: Walkingshadow   of 8752
 
<< I'm thinking about how the resistance at 38.01 should have been broken today based on the news. >>

Remember.... news only moves markets IF and ONLY IF it sparks professional buying (or selling). Generally, professional buying (or selling) of the magnitude that drives long-term trends has far less to do with the news-du-jour, far more to do with sophisticated ongoing risk/benefit analyses and quantitative modeling, identification and characterization of potential opportunities, and downside risk management.

So particularly in regards to an index like QQQQ or SPX, I would suggest taking "news" with a big grain of salt unless and until you see solid evidence of big players stepping up to the plate, and ALSO evidence of sustained accumulation, since the kind of big players that determine trends cannot fully take positions on any one day or even week or month.

I note that today QQQQ reached about as high as I thought it would (I said around $37.65). I anticipated selling would begin late in the session, but that did not happen. So, I think it will happen on Monday. Volume today was anemic. Furthermore, the volume was neither the quantity nor the type that would drive further upside, in fact quite the contrary.

.... all IMHO, of course.

T
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