Replies to post #2674 on Short Term Trading Member Forum

[duchamp]

Frank, that's the funniest post of the day. I needed a good laugh. thanx

[SilverSurfer]

brainwashed by irrational exhuberance...lol

[techcharter]

Frank: Can't pull trigger.

Maybe this is one of the larger moves to the downside about to happen where "everyone" gets caught off guard. The feelings you shared as an experienced trader supports this position.

The tech chart that best shows this balance of emotion is the NASDAQ Bollinger bands. The B. bands are now sloping down in parallel on the NASDAQ. The price continues to move down in the lower channel, but isn't breaking below the band. This is the same type of strength seen in long running rallies. Now that the trend is down, the trend should continue a while longer.


http://stockcharts.com/def/servlet/SC.web?c=$COMPQ,uu[w,a]daclyyay[dc][pd20,2!b200][vc60][iLp14,3,3!...

[ETFMonster]

Hang in there Frank!

My favorite StockCharts URL for looking at the QQQs is

http://stockcharts.com/def/servlet/SC.web?c=QQQ,uu[w,a]diclyiay[dc][pc20!h.02,.20!d20,2!i!c50!c200!f...

The chart is suggesting to me unless we close greater than 34.95 on 27 July 04, it's best to stay out or short.

GL!

[tjwny]

I am with you on that Frank! I think we are too short term oriented and loose site of the forest! A raging bear market is going on in tech and biotech. some of these stocks are down 60,70 80% from their recent highs; while qs' s-p and that holy cow ,DOW have barely budged. And here we are wasting so much intellectual energy in finding tops and now bottoms. I think a good resolution is to never go long on a position unless you have made
money onthe short side and vice versa. I see pump and now dump working so well for the big boys.

[Dimension]

not brainwashed...sounds more like wisdom and experience to me.
i think a bounce tomorrow, but not overly confident that it is the beginning just yet. would like to see spx and dow test their lows. that could be the trigger that let the bear hunters loose...
why do i say this? i like "good bottoms" to follow this model: open, make a new low, and rebound strong to form a nice white candle...as was the case with the two previous bottoms this year.
i can dream... :)