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All,
Well we certainly got the signal I was waiting for Friday, it just wasn'
t the one I wanted <G>. AOL closed below my stop. TOY that I was watching
for a possible long position also closed below its Short Term Up Trend
Channel (STUTC). Then to make matters worse the OEX, SPX, and RUT all
closed below the bottom of their Horizontal Channels (HC) to give Trader Vic
type sell confirmation signals. On top of that there wasn't much snap back
at the end of the day and they all closed near the bottom of their daily
ranges, which is very bearish. That means that the DJI, OEX, NYA, SPX, and
RUT are all now in Short Term Down Trend Channels (STDTC). Only the NASD
and NDX are still in Intermediate Term Up Trend Channels (ITUTC) and they
are both near the bottom of their channels.
Four out of six indices are enough to convince me so I'm going to take
the conservative approach and close all my long positions Monday. I'll wait
for a few days to see if the NASD and NDX also give sell signals. I'll be
looking at short candidates in the mean time and will open some if we get
those additional sell signals.
JimG
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