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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 690.38+0.4%Dec 24 4:00 PM EST
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To: Benkea who wrote (51727)5/23/2000 4:19:00 AM
From: Wayners  Read Replies (1) of 99985
 
It sure looks like bearish greed to me. I've seen two capitulations since Mar 27th on high volume. Thats two major waves down and flushed a lot of overhead supply shares out. The third capitulation was completed today on the normal pattern of catching all the suckers selling with their stupid stops just below the last low of 3227 on a wave 3 down--very amateurish sell move (I don't count the up waves but if you did it would be a wave 5 down on Elliott Wave). Stops set like that do not work yet people still get caught using them. I've seen this pattern so many times I've lost count. People have to stay current with the technical times and count the waves. The 3227 low got breeched for one reason and one reason only--to increase volume, take out stops and thus take out potential overhead resistance---then big smart money is willing to take the chance of committing buying capital with the hope that enough overhead supply and resistance is gone so that prices can rally substantially and they can profit greatly. Otherwise they keep their money on the sidelines. In a nutshell, thats what its all about. Taking other peoples money. This is not about market fundamentals. Market "fundamentals" are only cited to incite the fear needed to get the capitulations so that smart money can take their money.
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