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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: Les H who wrote (21869)	8/3/1999 11:23:00 AM
From: HairBall	Read Replies (2) of 99985

Les Horowitz: At the same first week of August last year, most of the major averages broke support. Dow around 8600. XBD and BKX are on verge of breaking through previous reaction lows today or later this week. I really never look at overlays of previous price action for a guide. When I see that, it always makes me suspect….<gg> Especially when it has been easily identified and many are anticipating a continuation of the pattern. One who does that a lot and is always wrong, using overlays as a guide, hosts a popular thread on SI. Regarding the charts I just updated this AM, I zoomed back so viewers could see several of the Indices with a broader view. The NYA, COMPX and my OMC are all oversold. So, they are due a bounce as soon as today maybe tomorrow and with Sew's signal this just may happen… This is the first time I have closed long positions with my investment and retirement accounts via a trailing stop loss signal. I have always closed long positions for the above accounts via my indicators. I may have misread the Market with my expectation of another move up or this stop loss trigger may well have me going flat just as the Market starts to put in a bottom, but the name of the game is discipline to one's system. I suspect this week will reveal overall Market direction for the medium-term and maybe longer! Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.

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