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Strategies & Market Trends : Shorts waiting to happen
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To: Jim Roof who wrote (237)7/15/1996 1:05:00 AM
From: Fred Weiss   of 852
 
Jim - Thanx for the post. I am following both with great interest and will check in here regularly.

Of interest to all, tonights McMillan newsletter suggests the following scenario:

There will be a mild rally due to the current oversold condition that will be very short lived. There will then be another big selloff after which the true recovery rally will commence. He says that this has been the historic case when his oversold oscillator hits the extreme level it has currently reached.

My own observation looking at both the daily and weekly chart for the NASDAQ composite would be continued downward momentum for 2 to 3 weeks. This primarily based on the weekly MACD histogram. The daily appears near its bottom, so if it heads north it will still be fighting the longer term weekly moving down. Hence a mild rally. When the weekly chart begins its turnaround, the rally will be better and will result in more positive days than negative.

I look to stop and reverse into shorts very early into the next rally.

I agree on Accustaff, and it follows the same pattern: the weekly indicators are all headed south, while the daily indicators are beginning to turn positive. Mild rally - big selloff.

SYSF looks headed for an absolute fall. The weekly is falling but still in positive territory (lots more room to fall). My charts show the 50 week moving average at 25 and currently rising. The short term bottom trendline is at 16 and the long term at 10. Do you think it could fall that far?

Happy hunting,

Fred
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