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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: SE who wrote (5028)	10/1/1998 8:02:00 AM
From: Patrick Slevin	Read Replies (1) of 44573

Okay I'm awake. Although I was short of time last night I really think I touched all the bases, Scott. I don't really look at Trendlines much. Many do, however, so it's not a bad thing to look at as it will tell you what the crowd is doing. I don't believe there is such a thing as an extreme TICK number. I think I recall mentioning that one day last summer to someone. Perhaps it was Beebs; there was a negative reading of 11 or 12 hundred and someone said this was too extreme and forebode a rally; the following Monday it hit 1500 and the next day about 1700. I do recall noting something Mark Cook said along the same lines but fell back on something that another trader told me. TIKI and PREM readings I can get a handle on but still I don't think they have much predictability going forward into the next day. I never looked at them that way; I have no data to support such a conclusion, perhaps there is a correlation but I never tracked it. To be honest, I was suspicious of that TRIN indicator you mentioned yesterday. I have a hard time believing that extreme TRIN readings indicate a reversal of spoo points of a magnitude that you mentioned. I think what you had yesterday was a day that fell outside the realm of your system's normal parameters, and that is all. I do believe there will be something of a bounce today, because Globex was pressing triple digit futures last night and therefore we should see triple digit Cash at the least today. That, in and of itself, should bring in some money. But my longer-term viewpoint is that the worst is not over. As far as a Pattern Call the market should make a sustained turn at the Bond close, trending in the eventual direction of the turn all day. If I were here to trade it, I would think the day is moderately bullish. This, of course, is an early read and a sketchy one. I should be back by early afternoon, perhaps 12 or 1 ET. Good Luck trading today.

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