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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Brian Hornby who wrote (9163)	11/30/1998 10:50:00 PM
From: SE	Read Replies (2) \| Respond to of 44573

Lots of guess work! :) Really, though, all it is based on is the currently active fork and attempting to ascertain what the current psychology of the market is. I blew it early on today as it was going down and down fairly hard and I just had to have certain numbers to sell and I always missed by a point or two. I do better as the day unfolds and I can see what is happening...but as I was saying to Patrick earlier, I think I need to better define support and resistance points so that during the action I am more confident in my decisions, so I am attempting to get a read the night before. Heck, at this point I may only hit 10% of my reads. I am not even sure why I shared my thoughts on tomorrow.... Today it just seemed that all hell was breaking loose, like in the internet sector, so I suspect that many that saw their internuts lose so much today will dump tomorrow morning after getting home tonight and seeing the damage. I would have felt differently had they been able to gun it into the close, but that did not happen, so I suspect the early am will be down again. However, I don't see this being the big dance quite yet and the buy the dippers will come out once more. 1138 is the middle tine of the main active fork so I suspect that will be the point of bouncing. I also see low 50's as another bounce point, but I don't expect it to hold, although it might. Your 1125 might be dead nuts on....I mentioned that if 1138 does not hold I see 1130 and 1120 being the bounce points. I just don't think it is quite ready to do that kind of a dumper yet though...too many bulls to give up this easily.... The long and short of it, just guesswork....<<gg>> -Scott