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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (2872)8/31/1998 3:34:00 PM
From: Tom Trader  Read Replies (2) of 44573
 
As I read the posts by some of the people who have been talking about buying this dip what comes across is that people are assuming that this is a correction like the ones that we have had over the past couple of years.

If it is, buying the dips will work--otherwise, it will turn out to be a costly experience. Let's face it, what we will now see is that when the market rallies people will want to sell into the rally--and that will cause the rally to be short-lived.

Like I posted a couple of times elsewhere, the market being a discounting mechanism, is discounting some thing -- and unless one knows what it is it makes it difficult to know what is a reasonable price.

And yes, oversold levels mean nothing in an environment like this just like over-bought levels did not mean a whole lot when the market was headed relentlessly higher.

But to echo OJ--"cash is king"
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