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In a message dated 97-08-15 20:13:22 EDT, boggio@xxxxxxxxx (G.John Boggio)
writes:
<<
Anyhow, in my opinion, yes, we will need some form of selloff from the
present levels of Dow 7860 before I get filled. But, am I worried if we
break the 7800 level, YES AND NO!!! No, because I know that, at the present
time, we have excellent symmetrical support at a 10% decline from high to
low. Therefore risk is limited to several percentage points and based on the
explosive rallies that this market has had over the last three years, "you
got to be in it, to win it"! >>
I enjoy the logic of your analysis.....It takes into accout everything except
the potential of a breakdown of the maket mechanism itself...an
exchange Holiday.
Which has been known to happen. And while when, it was re-opened
it would be substantially higher than where it closed....It might be still
down a few 10per cents lower than you hypothicate.
The question then would be, if one would have the disepline to then
sell this lower level rally?
I thought I would interject some reality into the discussion....just in
case, we are not talking about "business as usual"
The split in the S&P is an attempt to find new buyers for something
that is "over owned"....similar to why stocks are split...to
aid the institutions in making distribution....i.e. taking profits.
By the way....WORRY....should never be part of a traders
conversation. Nor are my comments made to induce or
suggest one engage in it....but rather to complete the analysis whch
then may require "contingency planning"
WHAT ME WORRY! (Alfred E. Newman)
Question: when you speak of Symmety...are you referring to work done
one by Michael Gur Dillon who has something called Symmetry Wave?
I see where he is the featured speaker at an up-comming TAG
Seminar sponcered by Dow Jones/Telerate....504-592-4550 in
Los Vegus come Oct 17-19
I have never attended one of these meeting which usually has some
thirty speakers....but if anyone one does, it might be interesting to
get their report.
I have purchased tapes of favored speakers and have learned a lot
that way. This is not a commercial. You mentioned, SymmentyWave
and I just happened to have get a notice from Michael Gur Dillon
today.....Symm@xxxxxxxxxxxxxx or www.Symmetrywave.com
which are e-mail address and what looks to be an incomplete
web site
Anyway, I have purchased some of Michael's materials and have
found them helpful in expanding my understanding of what I need
to know as a trader.
GerryB/jer33:3
learner/teacher
jer3cube@xxxxxxx
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