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

To: JRI who wrote (87304)	12/11/2003 12:51:52 PM
From: bcrafty	Read Replies (2) \| Respond to of 209892

JRI, thanks for the feedback I figured you were playing a 10-minute chart or less and that you were anticipating it to be a wiggle trade (because your tight stop didn't leave much wiggle room for error) but if it went well and further than a wiggle, then you you would continue to play it morphed. What threw me off was where you said that if we went through your stop then we'd go to new highs in January. If you had a remark such as "if it goes through my stop then I think we go higher, but no higher than the 12/3 high" then I would have probably made no comment. And I now duly note your resistance levels that you consider important, and if you had added those to the original post, and why you considered them important, then I would have better understood you. I was just a little confused, that's all, as I thought that there's a lot of time for the indices to go higher between now and January. When we come to times where indices diverge, as we have now, we will always see debates where the bears feel that the more declining index is correctly portending movement of the entire market and the bulls feel that the more advancing index is in control so, of course, time will tell. As far as Dow 10K being reached Tuesday being irrelevant, I agree. As I mentioned on Tuesday evening I feel it was only a convenient selling point for the big boys and their trading programs as well as retail investors who correctly "figured" what the big boys would do immediately ahead of the FOMC, which I felt they were going to sell anyway (of course pundits will claim the 10K selling was because of "psychological resistance" and had nothing to do with a pre-planned dump on the FOMC news). So all in all, I think the entire move off Tuesday's high was just that - a relatively short post FOMC dump - and nothing more, and that's why I won't try to read more into it at this time.