MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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To: HairBall who wrote (63513)	12/1/2000 1:45:04 PM
From: Michael Watkins	Read Replies (1) of 99985

LG, Test of top on the 5 minute NQ at this writing currently failed. Perhaps that's it for the bounce. Away from the trading machine today but I would be short with tight stops above the high of today at this point. Given how low its been, I would only rank this short as a low probability however, and with potential news shock always lurking these days, darn supreme courts and politicians can't time their news briefs until AFTER 4:15 ET can't they! - well, chances are it will grind up some more. ps, I agree on discretionary stops too. WHen the market is moving in high speed I tighten them down even more, perhaps counter intuitive for some. ANd intraday I always exit on a big bar expansion. Can always get in, but typically those are good exit points. less time in cyberspace, sounds good to me! (I'm practicing that myself, not suggesting you take off, of course!)

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