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 : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: The Freep who wrote (62147)	12/19/2002 5:09:58 PM
From: jjstingray	Read Replies (1) \| Respond to of 209892

I don't use Merlin. I think the process gets lucky from time to time. However, that being said, the shape of the day was pretty darn accurate. Up in the morning, big sell off and a close very near the lows of the day. I wish I was so accurate. As I just posted, we closed right at the 38% retrace level on the S&P. Lots of cycle date/Fib dates here. Also, we have a full moon. If I were to guess, I think we rally hard into the next week. Lots of things saying we could go lower but today's Naz selloff was a joke. No follow through, no big push down. My bet is up and big.

To: The Freep who wrote (62147)	12/19/2002 7:09:44 PM
From: Shack	Read Replies (2) \| Respond to of 209892

Sorry for all the posts I can't respond to. I'm just quickly checking in again (heading right out) but I thought its worthy of mentioning the wedge off this morning's high which has been sharply broken to the upside near the close on the SPX and the rather extreme TRIN reading. I think a near-term bottom is in (at least for tomorrow anyway)

To: The Freep who wrote (62147)	12/19/2002 7:44:57 PM
From: the-phoenix	Respond to of 209892

I agree that the whole chart may be lagging the action here by 2-3 hours, and based on the turn at 3:30 this afternoon and the fact that the futures are running tonight, that looks very probable. But, there are ways to use Merlin in actual trading. For example, if one believed that, following the otherwise unlooked-for fast-paced rally this morning (after a gap down, which looked very bearish) and quick reversal back down, the chart was accurate for direction again today, then shorting any bounce in the afternoon was a good bet. Similarly, if one believes that the chart will be right about a sizeable rally tomorrow, then going long after the first hour again looks like a good bet.