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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Sergio H who wrote (6487)10/28/1997 3:22:00 AM
From: Doug R  Read Replies (8) of 79270
 
Sergio and all,

I have studied corrections. In a bona fide correction, the vast majority of stocks fall off their uptrend. When you hear the words that corrections clear out the excess in the markets, what is being said is that the stocks that truly deserve their uptrends will return to them. Those that return will receive the greatest amount of attention and thus appreciate at the most lucrative pace. Forget about your favorite stocks of the last 7 months. A whole new crop is about to rise from the ashes. YOU ARE ALL PUT ON "RETURN TO UPTREND" WATCH. This is THE BEST place to look at this time. I cannot emphasize this point enough. Just because a stock looks cheap now is no reason to buy it. Patience is required to give the trend returners the time to get back on their horses. When we start seeing this happen, you all won't believe how easy it will be to make lots of money very fast in a post-correction environment. Keep an eye on the past POWS and any other stocks that make a quick move up. Some of them will get back up on their trends. The absolute best ones happen the soonest, usually within a few days to a week. If anyone on the thread hasn't yet figured out how to draw an uptrend line, just connect the two most recent lows before last week with a line that doesn't cross through any price bar between the two lows selected.

Doug R
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