The Thread Formerly Known as No Rest For The Wicked Message Board

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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: aps who wrote (18072)	3/17/1999 7:02:00 PM
From: backman	Read Replies (2) of 90042

from decisionpoint.com "TODAY'S MARKET COMMENTS: I really, really don't like the looks of this market. All our short-term indicators are falling and bearish, and I was tempted to move to the side altogether, but I think after the Triple Witching madness we will see a final thrust upward. Nothing like trying to scalp the last few upside percentage points. Today we saw short-term rising trend lines broken on many of the market averages we track. I have drawn support lines on the major market index charts, and, for the most part the support is close by -- too close to be opening an ST SELL Signal. If the support is broken, we'll most likely see our important intermediate-term indicators (ITBM, MAC-D, ROC) rolling over and giving sell signals. At that point we'll be opening an IT SELL Signal. A subscriber has requested that I explain my reference to a Bull Trap in yesterday's comments. A Bull Trap results from positive market action that implies that there is much more positive action to follow, which causes the bulls to make a full commitment to the expected up move. Then the market reverses much sooner than would normally be expected, causing much confusion in the bull camp and trapping them in their bullish stance. For example, the recent breakout and any subsequent rally will, in my opinion turn out to be a Bull Trap. I will expand on this subject more in the Weekly Commentary. --Carl Swenlin" david

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