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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (11133)	8/24/2001 11:21:55 PM
From: John Madarasz	Read Replies (1) \| Respond to of 209892

John... I have no different take. Firstly, I never said the compx was a safe haven, only that the daily fib counts that I was referencing target the SPX and DJIA in the upcoming time frame, and it's important to clarify that fact. To make a second point, I think it's important for traders to realize that time frames are tantamount in importance in regards to the moves we track in the indexes...and individual equities. I think it's important for people to clarify their time frames when mentioning anticipated moves, and state them often and in context. Today was a daytraders market, maybe a swing traders market, but not a long term buy and holders market. You sent me this link... I'm guessing as an effort to offer some type of objectivity towards a bullish technical argument... I don't buy it. kirlin.com THESE CHARTS ARE BEARISH in my opinion. The "oversold" stochs pointed out don't mean shit when you look at the formations in the index charts... in every instance on the charts that really matter, that being the weekly and monthlies, I don't see bearish formations forming like now. SO WHAT? THE COMPX IS IN A CONFIRMED DOWNTREND. ALL BULLISH FORMATIONS IN A SOLID LONG TERM CONFIRMED DOWN TREND ARE SUSPECT ! ... AND LESS VALID IN THE INTERMEDIATE AND LONGER TERMS, UNTIL PROVEN OTHERWISE. THE LONGER TERM WEEKLY AND MONTHLY CHARTS ON THE COMPX, AND MANY OTHER MAJOR INDEXES, ARE SETTING UP IN DISTINCT AND UNDENIABLE SYMETRICAL TRIANGLES IN DOWNTRENDS OFF THE APRIL LOWS...THESE FORMATIONS USUALLY BREAK TO THE NORM, WHICH IS IN THE DIRECTION OF THE TREND... WHICH IS DOWN. Today was a feel good Friday in a confirmed downtrend... big deal. Great for traders who picked it up, but nothing for me to get excited about...yet. Everything is relative in regards to risk and reward. We'll get to an objective tradable setup on the compx from the long side soon enough, but I feel as a successful trader you have to remain completely objective and unemotional about these countertrend rallies and see them for what they are...tradable rallies back to resistance until proven otherwise. If you miss them, or the "bite out of the middle" for that matter...so what? Fade them at the top with appropriate stops. I can't be concerned about squeezing every possible dime out of this bitch of a market...no way, it ain't worth it and by the way, I'd like to thank you for a lot of great links and research through here. It's been a great help, and fun to watch, as you cut your chops in what I understand to be one of the toughest markets to trade in the last 100 years or so. It reads great from where I sit... Have a great weekend, John