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Strategies & Market Trends : Classic TA Workplace
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To: NOW who wrote (49580)8/8/2002 9:48:45 PM
From: AllansAlias  Read Replies (2) of 209892
 
My Dow stance has been: 60%-65% that a new low is required, but that I can make a good case for the Dow low being in. If this sounds like equivocating, well, I'll be the first to say that it is. It has served me well enough however, in that I stayed away from it short. Do I wish I had stayed long -- sure.

Anyway, as I have also said, the piece of the puzzle that bothered me was financials. With their performance today, I would have to say that my stance has to change now to seeing a slightly better than 50% chance that the Dow low is in. The banks are on the verge of reversing a nasty breakdown.

I am in no hurry here. I want to make a living, not be a hero. If the low is in for the Dow, then it is early days. I have not changed my view that a new low is required in tech and I am still short there.

Let us presume that we get that new low without the Dow making a new low. That would be peachy, as then they would both sync-up for a nice up move.

I feel that this post follows on this one:
Message 17801985
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