John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (2708)	8/28/2000 10:51:52 AM
From: Chip McVickar	Read Replies (2) of 33421

Hi John, I believe the markets are changing on a fundamental basis. Buy this I mean the core structure is being changed by the electronic enhancements, larger number of traders and by greater access by those traders to once closed data. TA for these markets will also have to change. With the break of the parabolic NASDAQ and the summer trading season coming to an end...I cannot say that the markets will go back to trending in the manner we are use to seeing over the last 5-8 years. An era may have ended..? I've been thinking about this recently and believe it to be of the utmost importance. Will the older proven measures of trend and the perimeters for following them remain valid in the current market conditions..? I'm not sure yet John. But this is a subtle distinction, because the old measures will seem to work, just not produce the results..., as say the 'Turtle System once did..! (Dennis no longer trades that system as well as my friend.) They've moved on...! It's possible that 'master traders' and their methods of trading the markets, become ineffective as new markets evolve over time. These markets are psychological and the bars we watch are measures of that psychology. It's possible that with the end of the NASD climb.., there also ended trend following as we once measured it. I won't know whether I'm right until maybe end of December or even end of March 2001. Again.., I'm referring to being able to extract the greatest possible profits from the markets. By positioning for massive trends...., one is getting shaken out earlier then in the past. Maybe we can help each other see if I'm Right and what will work going forward. "Unless we change our direction, we are most likely to end up where we are headed." Chinese Proverb My Best, Chip Note: This could also just be my innate psychological imprint to ramble over the next mountain peak. <smile>

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