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Got my Tuesday evening post returned, FWIW. Miskeyed the
MetaStock-list address. Anyway, My S&P trading system gave
us a Buy for Tuesday night. I was just trying to let you
know that our system wasn't at a Sell yet. FWIW, just got
a S&P sell signal for tonight or tomorrow on the Open. Now
we're back together. Since we are short term traders, it's
hard for us to even think about long term. For instance, I
would have thought the Tuesday Buy would have gone on for a
longer period than 2 days.
Our system runs about 75% correct for S&P futures for the
last 6 years. We get our share of losses and have had to
add mental stops basis close to our positions because we
aren't trend traders, and sometimes get caught. One of
these days, I'm going to put up a web site and then try to
figure out how to make a buck from it. :)
Good trading
Guy
-----Original Message-----
From: Chip Anderson [SMTP:chipamy@xxxxxxxxx]
Sent: Tuesday, February 24, 1998 9:55 PM
To: Harley Meyer; Metastock list
Cc: Blaise Frost; Randy Burkhardt @ Home; RealTraders
Discussion Group; Slimtravel; Alan Kwong
Subject: Re: MRKT: DJIA
I agree Harley - I just finished updating my site for
tonight and
things continue to look "toppy". I think the Dow could
easily correct
down to 8200 - if it goes lower, could be interesting. The
NYSE
market internals also look weak, but the NASDAQ A-D line
looks much
weaker. Everyone can check out the brand new
http://coolhistory.com/ChipsCharts and see for themselves.
Possible bright spots include the Small Caps which have
shown strength
recently and the Consumer Cyclical sector.
Chip
Wireless in Seattle
---Harley Meyer <meyer@xxxxxxxxxxx> wrote:
>
> After looking at the charts tonight I believe we will
begin to move
into
> the DJIA's first correction in some time. I originally
thought the
> indexes had to move higher before they would correct.
i.e., move much
> higher than the August highs, so the correction would
stay above old
> highs. Part of my reasoning behind why I had originally
thought that
> was. That of investor perception of the market. If the US
and Iraq
were
> going to battle, then there was this feeling that the
market movers
and
> shakers didn't want to worry the general public too much.
As well as
> complicate matters by creating a technically sloppy
chart. If the US /
> Iraq problems are being resolved in some manner other
than gunpowder.
> They can now take their profits and deal with the sloppy
charts.
Anyway
> these were some of the things that went into my earlier
thinking.
>
> After looking at NYSE breadth I can see the DJIA now
pulling back.
> I am looking at the same ole things:
> New highs minus new lows after moving sideways is
beginning to move
> lower.
> Total volume had been drifting lower but is now moving up
on a down
day.
>
> Up/Down volume ratio - the momentum is slowing as
measured by its 50
day
> and 10 day MAs. (The general rule of thumb is that if the
ratio is
above
> 2 on any given day the market will be up, below 1 the
market will be
> down, and between 1 and 2 the market will not make any
significant
move
> during the day.)
> Of course the final confirmation is the break in the up
trend channel.
>
> Harley
>
>
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