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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Clint E. who wrote (18010)	10/13/1998 1:54:00 AM
From: space cadet	Read Replies (2) of 69694

Hi Clint, good to hear from you. Sounds like you've made some good calls recently in this market. Looks like you've got the touch again. I know I personally am sort of a streak trader and right now unfortunately I did a couple of dumb trades last week. So hopefully I can catch a trend soon and go with it. Unfortunately I got stopped out of a good long last thursday or I would have made some really nice money. I'm not going to use stops in that situation- they're ok for when you already have a big profit, and for keeping your losses small on risky speculative stocks, but in this case it was totally inappropriate since the stock was a blue chip and very very safe. A painful expensive lesson. A couple of other dumb moves as well. Anyway I did see RA's newest switch yesterday. I just got Favors latest email and he is quite convinced that sometime this week we begin the descent, now his target is 6406 +-300. I am puzzled these days because I suspect we are still in a bear market but I also suspect that earnings season will continue as it has been so far, with everyone beating earnings at least by a penny or two. Yet Favors is saying Oct is the month when we go under 7400, at least briefly. Also his trin indicator shows we are near some short term top right here. Despite Japan's ferocious rally they are still under 14000 and likewise despite our rallies we still look weak. I think the Dow has a lot more to fall than the Nasdaq and I'm trying to figure out the best way to play that. I haven't bought options before on the indices. Have you? I believe they are extremely expensive (especially these days- option premiums are out of sight) so maybe just shorting the spiders or diamonds is the safe way, I don't know. You've been really great at calling these turning points. I'm really mad I missed out on this last one on Thursday because it's been a mindblowing rally and I could have should have made a lot of moolah. Oh well... tomorrow is another day...

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