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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: American Spirit who wrote (76784)	5/10/2001 3:46:25 PM
From: t2	Read Replies (1) of 99985

I don't need no freakin' charts. LOL It's all "voodoo".<g> The only reason I follow TA comments is that is that there are lots of people who believe in it. That helps in my decision process. It is a way to determine which way the TA are leaning...for example they are betting short now. My question is what percentage will cover ahead of the FED meeting? They will be covering,no doubt about it --unless the mutual funds go on a buyer strike. If the TA is wrong, the case can be made for a huge short covering rally and I am going to take my chances on that possibility..on a risk versus reward basis....less downside risk but potentially big upside gains. However, charting is a great daytrading tool. I am also becoming a believer in charting for short term directions UNLESS I feel something has changed such as fund flows suddenly getting better OR end of mutual fund redemptions to pay taxes etc... BTW--I would hate to be wrong this time as I have placed my long bets. VXN up today; Put/call higher than yesterday (on average today)

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