Adcpres,
>>>> given that there is strong upside pressure today on the NASDAQ, it is quite curious that the (new lows/new highs) = 99/14 = 7:1 <<<<
If the NAZ closes with only 99 NEW LOWs and if it was a full day, that would be a GREAT improvement over WED's 614 NEW LOWs. Since its a half-day, I am not going to put too much into it in either diretion. Also, it is common that it takes a few days to see relative improvements in the NEW HIGHs.
As for the election, if GORE comes ahead with favorable news over the weekend, then that could be a reason for a quick retest, but Im getting more and more technical support saying that a mid-term bottom was set. Only mid-term(30 days). And I normally just go with my technicals and limit the influence of news/fundamentals.
I just play the probabilities per my analysis. Of course I wont get everyone right, nor do I expect to get everyone right. Actually from a mental perspective, I expect a certain percentage to be wrong, and I get nervous when I get too many right. Hypothetically, lets say that my success rate for my short-term technicals is 75%, but I got the last 5 of 5 right - I will then expect that I will definitely miss a call shortly thereafter.
So I dont get emotional when I make good calls or bad calls, I just expect a greater percentage to be right than wrong.
I bring this up since, I do not consider using fundamentals to analyse a specific TA call of mine as being helpful to me. Dont take it the wrong way, I have this discussion with LEE all the time and I get the impression that I may be insulting him since I just strickly stick to my technicals as much as possible.
seeya |
