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Strategies & Market Trends : Dave Gore's Trades That Make Sense
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To: Dave Gore who wrote (8983)6/28/2002 11:01:02 PM
From: Prophet  Read Replies (1) of 16631
 
Dave, one observation on stochastics. There is a long term and and short term ot evaluate it. As good as Raptor is, he is looking at a very short term view of the graph. Any consecutive two-day gain will put the chart on the overbought level. However, if you take a long term of the market and evaluate what has happened over the last two months, then the market is oversold. For us day-traders, looking at the short term stochastics is more important than the long term. However, this market has become so volatile and unpredictable that none of the traditional methodology used to predict a quick market bounce apply anymore. Therefore, we are left with the alternative to look at the behavior of the market in the long run, and now that market is way oversold.

To add to the direction of the market, with the 4th of July weekend quickly approaching next week, the market will probably go down. There are more chances that bad news will occur over that patriotic long weekend than good news.
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