Thnaks for the heads up. I agree with your outlook and was just getting ready to post a clarification of my last couple posts mentioning this new system. It is NOT time based like yours. Price matters more than time although time is weighed in. We need to get to around 690 before my system will kick in a potential reversal signal. If today closes around this 699 OEX value and then tomorrow is a typical 5 point down day on the OEX, then my system will need another day or so since it wants to see a print of around 690 to trigger. I am hoping for a strong capitulation sell off to get us there so I can buy early and avoid missing a gap up. If however it is fairly easy going down at the end, then I will have to wait for the next day since the buy in is usually a next day opportunity on an intra day reversal.
Today is still strange looking. The bond traders are bearish but the stock guys are reluctant to sell. No fear, no volume and no capitulation of the big stocks. I haven't checked recently but although GE and many banks were down, MSFT, DELL, INTC, MU CSCO, SUNW, LU, IBM, WCOM, T, CTXS etc were all holding so far. I guess I better go check again. The bottom may not come until they give up and sell at the low. <ggg>
Good Luck,
Lee |
