The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Densiebj who wrote (35582)	5/23/2000 2:06:00 AM
From: Doug R	Read Replies (3) of 79200

D, You will find that the courage it takes to short is exactly equal to the courage it takes to go long. I have not covered yet. I do have protective stops that ensure profit. My stops were approached today and if I stop out I will reshort when the 3,1,2 stochastics put in a negative hinge. The technicals on the S&P put in a completely clueless day today. It appears that there isn't a single dime in the market that has a short term clue at this point. A few pertinent factors: Even though there were tons of relatively high volume "recoveries" today, the great majority of closes on those were down. The short and intermediate trends are down. Moving averages all over the place are down. Only the shortest term 56er parameter sets have reached oversold. A seemingly strong performance in the internet sector smacks of a headfake. GDP for the first quarter comes out on Thursday and Monday's activity appears to be hung on the hope factor......hope that first quarter GDP will stay the fed's hand. Considering the technical position of the market and what has already taken place in the interest rate arena, hope is not something to hang your hat on. I expect most of the recently hard hit stocks will exhibit early weakness. There may be an initial move up but weakness will follow if that occurs. "Hope" will likely come into play again at that point so very nimble covering of short positions is my aim...followed by reinitiation of those same positions toward late afternoon. It's a very tough call at this point but as far as reliability toward trading long goes...ferget it. Doug R

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