Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: Terry Whitman who wrote (37021)	6/13/2002 4:59:07 PM
From: isopatch	Read Replies (2) of 52237

Terry. <it looks pretty much trendless in energy> Why don't we take a 2nd look at the chart you just posted? quote.yahoo.com^XOI&d=c&k=c2&p=m50,m200 The trend has been unequivocably down since late March. XNG has been in a clear downtrend since 3rd week in April quote.yahoo.com^XNG&d=c&k=c2&a=v&p=m50,m200&t=6m&l=on&z=m&q=l And OSX only topped early last month and the trend has turned down there, as well. quote.yahoo.com^OSX&d=c&k=c2&a=v&p=m50,m200&t=6m&l=on&z=m&q=l Maybe this is a bottom. Maybe not. It's quite normal for a stock or index to at least pause at or near a previous Intermediate support level. But that doesn't make it a bottom. Almost anyone familiar with bottoming formations and how they are constructed knows there's a quite a bit more to it that than. Basically Terry, it takes TIME as well as price to construct a "tradable bottom". Terry, I don't <worry> about other people's money. Was glad to walk away from that concern when I left the brokerage biz. Let's not get testy. This is a discussion board. And we're discussing strategy and tactics. My question to you is. What's the hurry? Maybe you lose 5-10% of the upside waiting for confirmation. OTOH you can lose 5 or 10 times as much catching knives without confirmation that a bottom is in place. Besides, if you think this is an important bottom in energy, WHY did you just sell all your TRU? Wasn't that your only long holding in energy? My approach of staying on the right side of the trend has my 90% cash position able to buy my fav stocks 20 - 30% cheaper than where they were sold. THAT........is a GAIN in puchasing power. A whole lot better than a bunch of paper losses. And, that gain in pur pwr is the next best thing to a profit while I wait for good profit opportunities to present themselves. Isopatch

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