To: steve susko who wrote (21105 ) 10/29/1998 4:06:00 AM From: IQBAL LATIF Read Replies (1) | Respond to
In my opinion most of these levels are good indicators of support and resistances as the case may be, however these should only be read only in conjunction with news and fundamentals pertaining to a company, I would think that if we have a earning surprise on the up side and we pierce thru the 13 days EMA for me it is good enough an indicator that we shall hit the 50 days soon. I would like this to be seen in totality and that is how I look at them, I would think a bounce of 13 days is a poor bounce a bounce off 50days is a good bounce but a bounce off a 200 days is the best, similarly you have to take the overhead resistance, a fall below previous lows and intra day close above previous low is a great signal of reversal, these are for people who are in business to pick values old style that is amidst carnage, some 'chumpos' sell on bounce of 200 days MA, they issue warning of further sell out as new low is reached wityhin a day and intraday we close much above the old low and last but foremost these very same 'chumpos' who are bhumbo takers will issue a buy when market is meeting its 50 days resistance or the 200 days resitance, no model breaks the pshycology that goes behind the moving averages they are sum total of emotions liquidity and fear, on the way down it is the experience and total disdain of nonsensical vooodooism that will make you go for that one trade picking the bottom that distinguishes you amongst mediocrates, markets are about pulling the trigger within 3% of the lows, if you do it 5 out of ten times you will be a great trader, intraday levels and solid supports like 1055 are places where most of the rebounds happen.. just notice it carefully, it is more common sense less bullshit and keep it simple approach if it understanble to a common joe blogg great if is beyond common pervceptions ditch it, beware of people who like ponzi schemes run ponzi chart approaches and have stories of world coming to an end to tell, read the stories and keep an open mind. A sustem that can unwind 1 trillion $ value positions with 12/2 percent point cut is a system that has passed the most testing exams with flyinh colors, a cut which was any way needed if real interest rates are to be seen..Dicussions can continue and everyone can have its own approach but reason and logic should never be sacrificed on altar of self ego's, this is strange place market can be thousand point up and nothing seems to happen no one seems to lost, atleast we bulls were trading the breaks all the way up to 950 level, here with bears with every one crowing about short positions still survives after the great move up, was than all that fun fare and terror for fun to intimidate new docile investors, when people loose grip of reality you realize that most of these guys had nothing on line, to be honest I think it is important that for sanctity of SI our posts should have some semblance to our trades, sio that we learn for next time as only by trading you learn, but nothing is better them letting them know someone watches them very closely and know well before you mislead people, thatr is how I look at market forecasting a job where your posts should meet the trades, if you are long on challenge and posts short what interest one has to spread rumor, only one some guys are perpetually driven by myopic view of world may be pessimism is more in currency thant optimism atleast it helps me trade weeh I see a pre-dominaant emotional set up on SI I say time to go very very long...Just some thoughts on oppportunities wasted thru delberate misleading..charts that always fail, bottom lines that stinks, this is the account situation of these self styled meisters..
