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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (5330)	9/20/2000 10:41:46 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Rich, actually, I do not often change from bullish to bearish or vice versa on a dime. I had a bearish stand since the beginning of this month and for a period of about two weeks terminating roughly last Thursday or Friday (I started to move in on Wednesday, however), I changed today, because, once more the market proved me wrong, and for me, it is more important to preserve capital than pound on the table, "I am right, the market is wrong...", thus on those occasions when the market teaches me an additional lesson in humility (as if I needed more of these), I bend with the wind. I still hold to my general scenario that 3550 is a max pain line in the sand and that we should be turning here anytime. From my experience, staying too heavily invested in the last shake out of a decline is usually more dangerous than missing the initial bounce. Did I panic, sure I did, is this panic going to prove a disaster? I think not. And do not worry about the joke, when there is no malice, I do not mind when my failings are pointed to me. I am the first one to point out that if I am right 60% of the time and avoid the big declines, everything is fine. Thus, by definition, I admit myself of being wrong 40% of the time (g). Zeev