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Strategies & Market Trends : Befriend the Trend Trading
SPY 683.04-0.1%Dec 9 4:00 PM EST
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To: John Lee CA who wrote (4463)6/30/1999 11:52:00 AM
From: Dr. Stoxx  Read Replies (3) of 39683
 
Thanks for the compliment, John.

First, on AMAT I am fully prepared to bail and take my loss (I'm averaged in at just under 70).

But I entered short for 3 reasons:

a) on hourly charts there is a clear overbought signal, coupled with lower price highs/higher stoch. highs.

b) on both daily and weekly charts there is divergence between price (going higher) and momentum/ROC (going lower), which normally signals a trend reversal

c) with the coming FOMC meeting I am expecting a selloff, especially of strong RS stocks.

Hope that helps...but even with all the reasons, one still can never tell the market what it should do!

TC.
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