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

To: bcrafty who wrote (82986)	9/26/2003 3:23:03 PM
From: Henry J Costanzo	Read Replies (1) \| Respond to of 209892

BC.......Strange day in the Far Eastern crowd...........Had been expecting stops to be hit....but none yet on my bunch....limited to the smaller fry......

To: bcrafty who wrote (82986)	9/26/2003 9:07:28 PM
From: Perspective	Respond to of 209892

WOW - they got shelled today. Didn't expect that quite so quickly. Well, the most important thing for me is that they are the canaries in the coal mine. I may not short many of the glamour trash because they tend to be diehards, and the risk if you're wrong can be huge. BUT - their demise tells you that the liquidity games are probably ending, and there's a decent probability that its safe to tread into the short end of the pool for a couple of months on other issues, even if you avoid the glamour trash themselves. I posted several issues that I've been watching earlier today. I'm entering limit shorts at 38%, 50%, and 62% retracement levels for them, with the most volatile issues getting the higher limits. I won't get them all, but the ones I get will be decent entries. If they take out the old highs, I'll get the hell out of the way. We could grind higher into year-end - you just never know. But as I say, the probabilities now favor selling the next bounce of significance (lasting longer than one day). Since we've now gone down for five days, the upward correction should last several days as well. Pretend that you're at the end of June, 2003. Try to figure out how you'd play that scenario if it repeated, without getting cleaned out if it launched again, but staying short to ride it down if it goes. BC