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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: Andrew who wrote (35227)	4/15/2000 9:47:00 AM
From: AllansAlias	Read Replies (1) \| Respond to of 62347

Andrew, I very much agree in general with your analysis. I do see MA's as secondary, indicators as tertiary, and all that Gann/Fib/Elliot stuff as, well, last. This is a small point and one that does not require a discussion here. It's the curse and the beauty of TA that it contains an element of art and that many approaches can yield similar conclusions. The spin-doctoring in the media and on SI intrigues me. You have perma-bulls claiming they saw it coming, yadda, yadda, and lots of people breathing sighs of relief that it's over with. Now, here, in other threads, and via PM's, people are talking about this being the buying opportunity of a lifetime. I strongly disagree. The next while will be great for daytrading, but it is not at the point where one should consider buying stocks for position trades or the LT account. I just do not think we are at the station yet. I will not be unhappy to be wrong. If this were the case I would be unhappy much of the time :) I posted on April 6, when the NASDAQ was in rally mode and people were talking about buying for the LT account and holding overnight: I have entered sell orders for everything mentioned today and most of the puppy junk. This is too weird for my blood. I sincerely hope that the brave among us are rewarded and will regale us in months to come of how they toughed-out the volatility of early 2000. I do not wish anyone ill and I am not "wishing" this market down. Again, I do hope that the brave will be rewarded. Some will pick the bottom and reap huge rewards. Most will continue to buy into bull-trap rallies as we head further down or find ourselves stuck in technical ranges. This is all very philosophical. More practically, FWIW, here is the strategy I would employ if I had anything long-term left in my portfolio: 1. Do not go long anything for position or long-term. 2. Sell losing long-term stuff into rallies. 3. Daytrade with a bearish slant. Fade rallies at resistance and go long intraday only after confirmation off support. (i.e., do not pick bottoms). 4. Buy bear insurance. At significant intermediate tops, buy puts selectively based on underlying chart. --Allan