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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (12088)8/18/2000 10:46:17 AM
From: AllansAlias  Read Replies (1) of 436258
 
OEX and SPX already broke that, so you should be long, if that is all you care about...

I am long. -g

Seriously, 3 weeks ago we started to discuss the building the strength in NYA, SPX, and OEX despite the lagging NASDAQ. This was back when SPU was breaking.

When these *stupid* resistance lines were taken out it told us to be more careful with shorts and be more prepared to play long.

The postulation was that eventually the NASDAQ would get lifted as well. This is precisely what has happened.

Mind you, even this week most of my trades were short, not long, but I was more eager to cover than say 3 weeks ago.

This is not about being right and you know it. I am wrong as much as the next person. The fact is, the tide started to rise and fighting it will always make one poorer.

(To others: After many duds, the first really excellent trading book I read was Trading For A Living. Elder's simple approach of starting from the widest reasonable view (say, monthly going back many years) and moving in to the view that you want to trade is stellar advice. The wide view is that we are in a bull market. The short-term view was that we may be in a downtrend in tech. This s-t view is now in question.)
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Mini just broke to a new high and I am sooo pleased.
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