DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: TraderAlan who wrote (14276)	9/25/2001 9:19:02 AM
From: exdaytrader76	Read Replies (1) of 18137

Hopefully Harvey Pitt has a little more sense than Arthur Levitt. I lost all respect for Levitt when I read the transcript of his Congressional testimony during the day trading "inquiry" and he said that day traders should all use Ameritrade and E-trade because the commissions are lower. (!) Banning short selling sounds ridiculous, but I am hesitant to underestimate the knee-jerk remedies of the ignorant and powerful. The need to have a scapegoat is very human - people feel better when they have someone to blame. On the how-low-will-it-go note, are the fib retracement percentages from 9/10 to 9/21 significant here as resistance? Aren't we also supposed to short the first bounce from a breakdown? I am comically inept at wave counting, but those two things would be enough for me to be short - if I was either allowed to carry overnights or had any money of my own. As it is, I guess I am only un-patriotic for brief intraday periods. I figure if this is true, then I make up for it by being extra patriotic when I cover a few minutes later.

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