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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (16458)	9/24/1998 6:52:00 AM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

random morning thoughts Larry, I agree 100% with you (maybe because I'm only on my third cup and not fully awake yet) I sold heavily into yesterdays rally, mainly late in the day am 100% cash in trading and heavy cash in other accounts it is always difficult to tell exactly why the market moves but the last few days I'll put on the thought of a rate drop remember that a decrease will only be on the very short rates, with the fed mainly reflecting what has already occurred in the market and with the flat/inverted yield curve long term rates may not be impacted much if at all the Fed meets on Tuesday if they cut rates I see the market selling off a bit on the news if there is no cut I see a 500-700 point selloff the DOW is showing a few clear cut trading ranges these days; watch the support and resistance pivot points for an indication of the next direction 7500-8100 8100-8300 8300-8750 8750-9100 sell when near the resistance buy if a break occurs look at 1-3-6 month charts on given stocks to determing their trading ranges; don't get locked on just the daily moves futures are about flat right now; watch the first 15 minutes or so before taking on new positions even with the recent 10% or so run up there are tons of stocks that are 20-40% off their highs, plenty of fodder out there this market still looks to me like one for day trades and 2-5 day swing position trades; not one to put on new long term positions with the big moves in good/great stocks why play with any crap at all? just makes no sense to me if you can pick up 5-15% on a super company with little risk of a major short term surprise there seems to be no need to try to catch a bottom on anything just play the swings