Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (14951)	11/2/2002 3:45:38 PM
From: High Country Trader	Read Replies (2) \| Respond to of 19219

Unlike some of the more strident and stubborn bulls and bears on SI, I fully admit I never have a clue as to where the market is going. About all I can do are the simple things like listening to the market and going with the flow by always cutting my losses when I'm wrong but never cutting my profits on the times I happen to be right. I'm wrong much more than right but since the real money in this game comes from the letting your profits ride when you get aboard the big trends, I have managed to accumulate a bit of money over the years from such trends. 36 years in this game gives one a little humility on their inability to do the impossible and that's predict the market. I'm yet to find anyone who could consistently predict the market when real money is on the line. As for those other false rallies you list, I plead guilty in that I thought each and every one of them was also the real thing, just as I do this one. I'm a big believer in momentum and they were all launched with great momentum just as was this one. I could argue though this one is different for lots of reasons. 1) Rampant disbelief in the trading forums I monitor. Some of the bears are getting downright nasty about this rally and calling all those who are making money as rank amateurs. 2) Rampant disbelief among the Rydex timers who remain resolutely bearish. 3) Continual and massive shorting by the public at never before seen levels above that of the NYSE Members. 4) Huge gains in some sectors such as the telecoms 5) A vibrant junk bond market where some funds have been up seven days in a row. But who cares if I'm right or wrong. I could just as well list all sorts of reasons why this market should go down. But since it's going up for now, I'm stay aboard until some type of adverse price action tells me it's time to go. What can I say. Being a dim bulb, I operate under the belief that rising prices will continue to rise and/or declining prices will continue to decline. That simpleton method enabled me to enjoy the mania of rising prices throughout much of the 80s and 90s and miss most of the decline of the past 3 years. What I saw though was how so many missed out on the bull market of a lifetime by forever calling one false top after another while prices were steadily marching higher. Then the past three years I witnessed the opposite. As the market grinded lower and lower the self proclaimed experts kept calling for one false bottom after another. Maybe that explains why most of the self proclaimed have day jobs outside of the market. As an aside, I'm a big disbeliever in indicators. Indicators just obscure one's view of what is really happening in the marketplace. Sorry for the long response mishedlo. You caught me in one of my expansive moods. Plus, some of what I've read in some of the other forums on SI are just blowing my mind. Lot of cocksure bears who are daring people to challenge them.