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Strategies & Market Trends : Why the markets will continue higher...
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To: bearshark who wrote (338)1/10/1998 9:07:00 AM
From: bearshark  Read Replies (2) of 745
 
Hi I2:

This post that I am responding to can make a person believe in technical analysis. It scares me.

1. The market met the 7950 resistance level and could not climb through it convincingly.

2. We broke down from the triangle and it appears we are heading lower.

3. The short term overbought condition was satisfied with nearly a 400 point drop in the DJI.

In the beginning of the week, I rearranged my entire holdings and eliminated all long positions. I then began to take short positions. Now I have a short term oversold condition (that was developed in extreme trading). The next big thing in my mind is the "iron trendline" at 7250.

Ok, now this is what will happen to me. Everything I expect will go according to plan; I will complete all of my speculations; the market will then do the opposite of what I anticipate; and I will get my clock cleaned.
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