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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: Susan G who wrote (575)	2/14/2002 9:24:15 PM
From: Brandon	Read Replies (2) \| Respond to of 11288

I think that the settlement on the DOW ended up being like 10,001. Im sure it was purely random! Anyway, that should be enough to bring some retail cash in and maybe gap us up a bit. If you look at the Nasdaq its been rallying on decreasing volume and fairly narrow ranges. Pretty good short setup I suspect. Some of the "name" stocks (INTC, CSCO, etc) look similar. Also have failed 20 day highs in many of the semi's. So, good reasons to look short. Hey Pheonix..stop yer whining! <GGG> One thing I have always thought is that you create your own reality in the stock market. If you think there are not any opportunities and the market is terrible, you will be right. So too will you be right if you think that there are plenty of opportunities for you to make a living. I was catching up on some of the interviews on Innnerworth this weekend and read one that with a futures trader. I dont recall his name, but something he said stuck out in my mind. I'll have to paraphrase. He said basically that 90% of people loose money in the market, so if you even make $1 you are in the top 10%. When you evaluate yourself, keep that in mind. Anyway, I think you guys have a great thread here. I just don't post much coz I don't want my fan club to turn up and ruin it for you guys, but I read it most days and have enjoyed it. Brandon

To: Susan G who wrote (575)	2/14/2002 9:32:12 PM
From: the-phoenix	Read Replies (2) \| Respond to of 11288

Susan: All that may be too obvious. Take a look at this: webdesigns1.com After breaking the trendline yesterday, today's selloff has only just re-tested the breakout to this point. A pullback off the 20 day moving averages on a first test shouldn't be a surprise, even for a healthy rally. The S&Ps had a similar reaction on Tuesday - testing the 20 and then pulling in, but then powering through the next day. If this trendline / fib support* can hold in the morning, I think we may see a couple of days of sideways-to-up still before a clear new direction asserts itself. For that reason, I will try to once again dump my current short at a reasonable price tonight and go back to day-trading mode. 5 minutes has become too long for me to try to predict in this market, let alone the next few days. *The low today came exactly at the .382 retracement of the rally this week: 1407.5 (Friday low)to 1512 (todays high) = 104.5 points. Today's selloff: 1512 - 1472 = 40 points. 40 / 104.5 = .38278!! Also, that darn 1.272 expansion again: Wednesday afternoon low (1480) to today's top (1512): 32 points. 1.272 x 32 = 40.7 points. Selloff from today's high to low: 40 points! These bounces right at the fib lines are uncanny.