Replies to post #4339 on SPDR S&P 500 (SPY)

[farooq]

Stopped out now flat, I will be a buyer near LOD with NERS Confirmation.

[2X-Be-Me]

Dr. Farooq, I'll offer a technical reason why one should hold a long position at the close. I learned from Little Chico some time ago that when the DI+ line crosses down through the daily ADX-14 line, which it has today, a long position is warranted. Go back to Tuesday's close (1/23) and you will see that the DI+ line did the same thing. The NDX rallied by almost 30 points the next day. The rally was a fakeout, as we all soon discovered yesterday. Nevertheless, this indicator worked on Tuesday. Your thoughts, please. 2X