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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (1931)8/17/1998 11:37:00 AM
From: Tom Trader  Read Replies (1) of 44573
 
Hi Pat--a couple of thoughts for you to consider

Like I said in my private message, my system has given 5 consecutive sell signals without an intervening buy signal -- never happened before in 15 years of simulated and real time trading. The most I have ever had before is 3 consecutive sell signals and 4 consecutive buy signals. The three consecutive sells were in the period before the '87 crash. I am not stating this as an indicator of what is to follow this time. However, one must ponder whether we are in a pronounced and continued down-trend.

As far as the immediate outlook, I concur with those who feel that we are due some kind of decent rally. I base this on several factors: that we are very oversold, the internals of the market while still abysmal are improving and the ability of the market to hold despite having reasons to go down--the devaluation of the rouble and Clinton's problems. Today will be a yo-yo day, I suspect--I am looking to short the futures at the 1078-1080 level. I think that once Clinton's testimony commences we will have a knee-jerk pull back which may continue through the afternoon--in anticipation of what he is going to finally say and the reaction thereafter. Will exit during this pull-back. Anyway, that is how I am planning on playing this.

Will be more available than I have been -- though tomorrow looks iffy.

Glad that you are back
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