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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: bcrafty who wrote (77413)	7/15/2003 10:29:19 AM
From: Perspective	Read Replies (2) \| Respond to of 209892

They are the glamour stocks. It's one excellent point that O'neill makes in his approach. As long as the glamour stocks are working, the rest of the market isn't going to crack. They have no fundmentals, no rational investment thesis whatsoever, operating instead on pure liquidity. It is a game that works until it doesn't, and because of that they are supreme trend indicators. What I am waiting for is for these issues to convincingly breach their 50DSMA and/or make significant support trendline breaches. I was watching their last downturn with great interest, but even the very first bounce turned quickly to new highs. When these go, I'll pull out the big guns. Until then, I'm mostly making my list. Just like 2000, I'm recording every supremely stupid action I see the gamblers taking, and I will fade them hard when my canaries fall. BC