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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Joe Stocks who started this subject	2/14/2002 9:51:45 AM
From: Joe Stocks	Read Replies (1) of 787

Getting somewhat frustrated with this market. I read this today written by Arthur Hill of TD Trader (paid subscription- I copy with his permission) tdtrader.com Seems that we have been range bound here for awhile and my portfolio balance reflects that. Cutting losses quick and not letting profits run too far has been working best for me. After last week's action I let down my guard some and have let some profits get away looking for a return to last week's trend. Seem to be sitting here at some strong resistance areas on the indexes. This from Arthur: "Is the Dow really worthy of daily analysis? Once again, I am toying with the idea of replacing the Dow analysis with something more spontaneous. Instead of the Dow everyday, I would pick a few industry groups, stocks or indices for brief analysis. I would not totally dump the Dow, but would only choose it for analysis when something catches my eye. In all honesty, I find the Dow a real pain when it comes to analysis and trading. The price-weighted average is made up of only 30 stocks with just a few exerting excessive influence. The Dow is approaching 10,000 for at least the 8th time in three years. Even though I don't use moving averages, they would be worthless when applied to the Dow. There is no discernable long-term trend, the medium-term trends are prone to violent swings and the average is trading at the same level it was in Mar-99. The broadening and expanding patterns over the last few months are trading nightmares and WOMBATs (waste of money, brains and time). If this were one of my 1000+ stocks, I would label the chart as unintelligible and move on to the next. Barring a major outcry, I will put the Dow on the back burner starting Monday. The Nasdaq 100 and S&P 500 will continue to receive detailed technical analysis with swing/position summaries."

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