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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Tom Trader who wrote (6561)	10/16/1998 9:05:00 AM
From: SE	Read Replies (1) of 44573

You know, I don't know what to expect today after yesterday's outright manipulation tactic. I still believe that the extremes seen will cause this market to re-trace a good portion, if not all of the move, but I question that. We have been up strongly the last week or so and I wonder if it is only short covering or if there is some real buying out there. I see a possibility that we "correct" this latest move and then continue slowly and steadily higher. I am still inclined to think a big "crash" is in the works, but less inclined to think it is real soon (a week or two). Favors still is calling for a crash. Fleckinstien wrote an interesting piece indicating that all this symbolizes is that there is more wrong with the financial marketplace than we know about. I can make arguments that way as well. For today, I am going to play cautiously. I think we will see some wild swings and hopefully my indicators will put me in one or two of them. I have noticed that when my method does not produce the desired results or when the TICK seems to be acting funny it has been for a reason. This should tell me something....back off and only play when the indications are acting normal. Maybe someday I will be able to define direction based on when they are not acting normal. Yesterday I felt we might go up, but based on the move we had already had to the up-side was mentally leary of it. Don't know what all to make of it, but it sure wakes one up in a hurry. A prayer of thanks goes out that none of us were caught short.... -Scott

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