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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (471)8/8/1999 7:47:00 AM
From: HairBall  Read Replies (1) of 19219
 
J.T.: That is more than this thread which was zero until now. I have never ever called for a "crash" on S.I. before. I have used the word adjustment and correction, but never a crash.

Well, no offense...but the MDA thread has been getting a few more post. So there is more of a chance someone would make the statement.

The jokes can begin after two weeks are up if the crash doesn't happen.

Well, you will get no jokes from me. I think defensive is prudent now. I expected the Market turn, but I must admit I also expected one more test of the upper trend lines of some of the Indices' rising wedge patterns. However, I should have looked closer as a couple of the patterns just did not have the room. So, my investment positions were stopped out when my trailing stop loss was triggered.

Now I have to see some chart pattern changes to reverse from a bearish stance to a bullish stance. If a crash comes, I am already positioned properly.

For those calling Thursday's low the bottom, in my opinion it should be played with risk money only. Then as the Market proves the call correct, one can stage back in. Sure one will not make as much money, but that is always the price of insurance.

Regards,
LG
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