Piffer OT - And Other Assorted Nuts Message Board

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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts

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To: Jorj X Mckie who wrote (25781)	4/2/2000 6:45:00 PM
From: Don Pueblo	Read Replies (2) of 63513

Oh yeah, that was the same call, but the day before. My chart told me that if we even got close to 4500 it would hold for about 10 minutes. The thing that people don't pay attention to is the same old thing: if some TV person that knows nothing about TA asks somebody what will happen, the chances are that they will only get an answer from somebody who has a tiny clue rather than someone who really knows what is happening...and they for sure won't here anything accurate from someone who has a big position either way. Anybody that was short at 4700 would simply LOVE for everyone that watches CNBC to think that once the 4500 level was hit, the bleeding stops. The sheep buy on that dip, the smart guys short the rally with every damn penny they have, and bang, down she goes. You watch. On Monday or Tuesday, Bob Pisani or Martha McCallum will talk about "support becomes resistance" or some other goofy nonsense they have no clue about, and the sheep will get whipped again in the next two or three weeks because they are buying back losing positions too high. A little tiny dip and they will bail out fast. These short term moves are friggin' deadly to most people. Just deadly. Everyone thinks they can trade these two week moves, and the truth is that if the market changes trends, the exact thing that was working turns into the thing that won't work at all. Two or three of those is all it takes for them to give up and think all is lost. They sell. Then the market rallies right after we scoop up some CSCO for 51 bucks. LOL! (disclaimer: not a number call on CSCO, just an example)

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