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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (1587)	10/5/1998 9:27:00 PM
From: Ken Wolff	Read Replies (1) \| Respond to of 2120

Interesting discussion today.... Good Luck Ken www.mtader.com MTrader Class - 10/05/98 (C) Copyright 1998 The Momentum Trader [12:35] <mtrader> KWolff 9:36:40 OK...TIME FOR CLASS.. [12:36] <_Jackson> need a break from the other class School of hard knocks [12:37] <KenWolff> 9:37:51 I would like to continue my discussion on visualization today.. [12:37] <KenWolff> 9:38:25 You will not remember numbers (dow 7700 down to 7400 ) like you will remember a "picture" [12:38] <KenWolff> 9:38:49 so I like to form pictures to help me remember a , Market, Stock, trade.. [12:38] <_dadylonny> what is the picture? [12:38] <KenWolff> 9:39:08 that is why I use funny names such as dumpers.. [12:38] <KenWolff> 9:39:37 picture = "mental visualization representing real or abstract ideas or values" [12:39] <KenWolff> 9:40:25 for example can you remember the last dow day that went 500 pts down??? [12:39] <KenWolff> 9:40:41 or do you remember "CRASH MONDAY" [12:40] <KenWolff> 9:41:00 the word CRASH will be more memorable.. [12:40] <KenWolff> 9:41:13 and it conjurs up trades like OXHP .. [12:40] <KenWolff> 9:41:38 so today I would like to discuss our market mood...and apply a visualization to it... [12:41] <KenWolff> 9:41:59 "Todays market was like someone holding a ball under the water.... " [12:41] <captn> Not the trout? [12:41] <KenWolff> 9:42:37 and as we saw the stocks gap down we were anticipating the action of our stocks and market rebounding UP.. [12:42] <KenWolff> 9:42:46 so our first considerations were BUYING!!! [12:42] <KenWolff> 9:43:22 everytime a stock market heads down it creates VALUE ... and VALUE brings in buyers... [12:43] <KenWolff> 9:43:48 so based on the negative open... our preperation was "GET READY TO GO SHOPPING" [12:43] <KenWolff> 9:44:13 Now when we begin to buy a market that is not consistent... our big problem is: "WHERE ARE THE BOTTOMS???" [12:44] <KenWolff> 9:44:49 So all we can do is watch the group called "the most recent gainers" for bottom strength... [12:44] <KenWolff> 9:45:08 because we did not have any big momentum NEWS driven stocks this morning.. [12:44] <KenWolff> 9:45:33 so I personally picked , YHOO,AMZ,XCIT,LCOS... [12:44] <KenWolff> 9:45:39 amzn [12:45] <KenWolff> 9:45:57 along with our dumpers this morning... VIAS, AZPN, AVID ... [12:45] <_dadylonny> will you define 'most recent gainers'? [12:45] <KenWolff> 9:46:40 I tried to note the value of the stocks when I suggested that they would be bottoming... [12:46] <KenWolff> 9:46:45 I have the following noted: [12:46] <KenWolff> 9:47:01 Please DCC all questions to ?? [12:46] <KenWolff> 9:47:06 simon or nesi?? [12:46] <_dadylonny> k [12:46] <Nesi> Please, Double Click on Nesi to send questions for Ken. [12:46] <KenWolff> 9:47:22 thanks nesi.. [12:47] <KenWolff> 9:48:02 I called a buy consideration on YHOO 123 ,, AMZN ,, 105 ,, XCIT 37 1/2 ,, LCOS 30 5/8 .. [12:47] <Nesi> 3 questions waiting.. [12:48] <KenWolff> 9:48:48 I was stopped out on AMZN at 105 ,, and YHOO at 123 .. next bottoms were AMZN 104 ,,, YHOO 121.. [12:48] <KenWolff> 9:49:08 after those bottoms the stocks climbed very well....