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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (35163)	11/15/2001 2:47:25 PM
From: Johnny Canuck	Respond to of 70561

[madtrader] Thu Nov 15, 9:44am PST QQQ I have been reading a lot of comments from other noted technical traders. It seems to me they are all using the same set of indicators to suggest that the market is peaking or should be rolling over. The only problem is that most of them use indicators or osciilators that are mostly formular driven. What about just simple price action? The fact is, this market hasn't rolled over yet. And even back in May, it took the tape more than a month to eventually break that uptrend. One popular trading rule that is pounded into a trader's head from early on is that "trend is your friend". Until the trend is broken, all the analysis is nothing more than posturing. That said, and despite my "bearish" bent this morning. This market has refused to die. And the action thus far is a typical "inside day". Highs are lower than yesterday while lows are higher than yesterday. So, the market is stuck trying to decide which way to go next. What is interesting though is that all the major indices, DJI, SPX and COMPX have indeed crossed above their daily 50% retracement line, and the 1/3 Gann line. The only one that is stuck right below it is QQQ. none.