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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked
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To: Tim Luke who wrote (962)11/19/1998 6:06:00 PM
From: Don Pueblo  Read Replies (1) of 90042
 
What a day. I was planning on sitting back and relaxing,

but I took a Mike Tyson hit on my first trade when my machine went down right before the stock went down. Ouch and ouch. Naturally, it's nobody's fault when the machine goes down and the trader loses money. That's what they call an "act of God", I guess.

Spent the rest of the day watching NSCP fail to go up, formed the conclusion that it might go down, maybe even below the sell stops that were entered yesterday by everyone that bought it, like around 35 1/2, and shorted it at 41. Walked away even for the day, and happy.

Tim, from watching the stocks I watched today, I was struck by the fact that most of them looked like they were forming bottoms and were headed up, (I broke even on about 4 trades on 4 different stocks that failed to move up after forming what looked like perfect bottoms) and then they failed at the end of the day and went down instead. The usual 2 and 3 day patterns were not confirmed today in the stocks I was watching. This leads me to believe that the buyers are much more skittish than what I would consider normal, and that this rally is much weaker than some may think.

Joe Public needs to sell some stuff (tax loss) before the end of the year to make up for the nasty hit he took in 1998. If he suddenly decides that he better bail before the market goes lower...
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