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John;
Good post
Robert
At 11:46 PM 8/31/98, John wrote:
>
>
>>From CNN Quick Poll Mon 9/1/98 Midnight:
>
>
>After Monday's 500-point drop in the Dow, are you ready to bail out of your
>investments?
>
>I'm already out 13% 4031 votes
>I'm selling now: 5% 1505 votes
>I'll wait a bit more 7% 2170 votes
>I'm hanging on 75% 23543 votes
>Total: 31249 votes
>
>For what it is worth I suspect we are in a bear market, the only chart
>showing any possibility of a bull market is the monthly chart. Daily and
>weekly are pretty sick, all we need is a rally to generate another sell
>signal. Bear markets begin when everybody (that 75%) think that we are only
>in a correction. If this is a bear then we should not see a close above
>8533 on a weekly Index basis again, and a close above 8846 or 8807 basis
>daily Dec again. I would also expect that 8211 to 8213 should be effective
>resistance on any bear rally basis Dec, and real resistance at 8507 again
>basis Dec. Nearest Support is 7391 using a weekly chart. Of course I could
>be wrong couldn't I? When trading I never try to predict the market, I only
>see it in this instant of time. I know that in time that my inner values
>will allow me to win more than I lose. It is the ultimate outcome that
>matters, not a particular trade.
>
>Happy trading, remember its days like these that beg the question, "Do I
>have the discipline, courage, and confidence to obey my trading rules?" The
>other question is "Am I an un-emotional trader, or emotional?"
>
>John Hayden
>http://sente.net
>
>
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