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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 652.53-1.5%Nov 20 4:00 PM EST
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To: shasta23 who wrote (25886)4/3/2000 12:28:00 PM
From: Johnny Canuck  Read Replies (1) of 68173
 
Hi Stefan,

I sold some positions, but ended up replacing them with other positions. I still have a decent cash position as I was setting up to take an extended break from the markets anyway.

At this point in time the most prudent thing to do is stand aside. If you can afford the draw down and are willing to invest in them anyway I would just hold. If you can't afford the draw down the prudent thing to have done was sell at the open and look for re-entry once the market stabilized. We are in market environment that is no longer
following established patterns. The psychology has changed dramatically. I do not sense panic yet, just systematic profit taking. We should trade with a downward bias all week as economic numbers are out this week. I am also getting a continuation of the down trend on my SP500 system so the over all market is weak. I do not not know at what point people get affected by margin call. We must be getting close. On the other hand, a lot of people have had a great year, I have not lost any of my initial capital from the start of the year yet just paper profits. We need at double close about 4600 to give some stablity to the market.
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