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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 685.33

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Jan 21 4:00 PM EST

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To: shasta23 who wrote (24161)	10/28/1999 4:42:00 AM
From: Johnny Canuck	Read Replies (1) of 69925

Hi Stefan, You and Dorothy is is doing are doing great. One of the goals of this thread early on was to promote the expression of one's trading psychology. I find I have to think things through more thoroughly when I post in public. This thread makes a great record of one's trading psychology and a great learning experience if one take the time to review one's posts and learn from one's mistakes. Some interesting points have been raised and discussed. The important thing is to learn to think for yourself and develop your own style. I wish I could give you more guidance on the market, but I am a little out of touch as I have not been able to watch too closely. Does anyone know what caused the pop in the DJUA today. From a distance the pop in the DJUA and DJTA seems to indicate people expect a stable interest rate environment going forward. These indices need to challenge and break their down trend lines to confirm this though. While I expect a down side bias now that bulk of the tech generals have reported I think the downside will be limited. 52 percent of all stocks are now one standard deviation below their 200 SMA. That is abnormally high. The highest it got last October was 75 percent. So the downside seems limited right now. I don't expect any significant rally that will challenge the old highs till after the new year. On the positive side the Internet index is setting up for a possible reverse head and shoulders. Reverse Head and Shoulders on the INX optionsource.com It may be just be people positioning for Christmas sales as suggested be Iris. Here is something to keep you awake at nights. Circuit Breakers: allstocks.com.

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