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Strategies & Market Trends : Ask DrBob
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To: bcrafty who wrote (41836)8/3/2001 7:33:44 AM
From: shoreco  Read Replies (1) of 100058
 
bcrafty...I think Louis said it best "Buy the rumor, sell the fact"....As you know I have been on the wrong side of the fence w/my RFMD short and have been adding to it all week..(although my EBAY was profitable) and I still believe RFMD will be lower by experations..so all-n-all not that bad....But, here is the problem....I can't get myself to go long at these prices so instead I'm taking a look back to see what I missed "technically" and this is what I came up with....I failed to recognize that the McClellan Osilator and the Summation index had turned up...."The two most important indicators for the Market's direction"....IMO....But, I ask myself "if not for the upgrades and bullish comments would they have broken their uptrend", I doubt it, but they did and that is why we rallied....I have been following a chart on EBAY and it looks horrible so I believe that took my focus off all other indicators....

Now, back to what's important....
What happens when these upgrades or bullish comments about the "worst is over" don't come to fruition ....
You guessed it....So for now I'm expecting some profit taking this morning and then I will focus on the internals for direction...and don't forget to follow the McClellan and Summation index.....There lye's the clues to this rally continuing.....

EOM
Shoreco

Here's a link
stockcharts.com
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