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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: X Y Zebra who wrote (25139)	2/5/2003 3:22:37 AM
From: X Y Zebra	Respond to of 57110

The Worden Report (Tuesday, February 4, 2003) Welcome Squire Agnostic This new Squire doesn't care which way the market goes - just so it goes. A well-stated philosophy. -DW Friday, December 13, 2002 Dear Worden Brothers: Thank you for your excellent product, which offers consistent quality, the highest dependability, truly helpful proprietary indicators, and a wealth of experience that can stimulate, inspire, and amuse. I feel compelled to write in response to recent messages in the Daily Worden Reports and elsewhere which have been suggestive of hope that a new bull market may be beginning. Caution: this kind of hope (a psychological prejudice, really) can be hazardous to financial health. I prefer agnosticism. If the markets go up, I'm happy, and if they drop, I'm happy - because I make money either way. I was fortunate enough to be dumb. I got my start trading futures and I still trade them. I wasn't smart enough to know better. Nobody told me I should be scared by leverage. It was just a fact of life to be dealt with. Nobody told me I should be scared of shorting. It was simply the opposite of being long. I was told to be scared to death about one thing: never, NEVER, trade without placing a hard stop in the market. Over the years I learned expensive lessons about myself, other people, and markets. I also learned that markets go up and down, and being short is just as profitable as being long. I never had a predetermined mindset that it should be some other way. Imagine my surprise when I began trading stocks and was told that shorting is hard, scary, and comes out from under the bed in the dark of night! Markets don't care about what I hope or "want" them to do. I am not excited at the prospect of a new bull market or terrified at the prospect of a continuing bear market. If I have a want, it is that the positions I take will move. Period. And if some move up while others move down at the same time, perfect! My humble advice to traders is this: If you find yourself hoping that the "market has bottomed and the beginning of the bull market recovery has started," repeat the following: Long is good, short is good, I don't care which way the market chooses to go so long as it moves. Then place an order to sell 100 QQQ at 25.18 stop. Kind regards, Jim Enter Mr. Powell Tomorrow belongs to Colin Powell. For better or for worse, that is where the market's attention is focused. Today's overall market action was not good. Awful breadth in virtually every major sector. Expanding volume on the downside for both the SP-500 and COMPQX. However, the three major averages were moving up smartly on expanding volume at the close. They were, in fact, breaking upward off of bases. But I don't think the market knows what is going to happen tomorrow - not any more than you or I. -DW