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sgolds

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sgolds

Re: dougSF30 post# 19623

Thursday, 12/04/2003 5:00:13 PM

Thursday, December 04, 2003 5:00:13 PM

Post# of 97586
dougSF30, Doesn't it strike you the least bit odd that these magic numbers would be support points? Why 67%? Why not 69%? Why not 58%?

I will attempt to find if the book explains this. Meanwhile, this is my explanation: The human mind likes round numbers and simple fractions (in this case, 1/3, 1/2 & 2/3). When a trader sees that a stock has given up 1/3 of a recent runup, it attracts his attention and he wonders if it is time to jump in and take a long position. He also knows that every other trader is doing the same thing because this is a known support point. These factors reinforce each other.

Looks like it is about time for that hardware upgra
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