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Strategies & Market Trends : LastShadow's Position Trading
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To: Minos who wrote (8995)2/22/1999 5:30:00 PM
From: LastShadow  Read Replies (1) of 43080
 
I don't think it means a bottom, but the opposite. Three fund managers I talked with today all said today's action was teh result of three things:

1. The Monday following a double witching day is normally weird.
2. The light volume meant few sellers, and on an up day that generally means probably a second day of ups tomorrow.
3. With the bond rates as they are climbing and #2 above it implies a topping.

Although all of that sounded reasonable since my cutoff numbers weren't met for reentry into the funds, none of which helped my head since I am am still in the ProFund Bear. With stronger volume or something major out of the G7 conference or steady gains in the primary market sectors (and not just restaurant, gaming and other miscellaneous sectors) I would have decided I should be bailing the Bear fund (admittedly a somewhat short and risky play) and going long. But a few traders (not on SI) I also talked to who I trust told me to stick with my analysis and trade my plan as long as it works.

Which isn't to say they agreed with it, but they concurred they were not going long overnight on the light volume either, although 2/3rds expected an up morning tomorrow as well.

So I guess this is a lengthy post that said nothing...

lastshadow
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