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Well, the reason I ask questions like that is because my mentor told me
the more info you have the better.
For example, this question got someone to tell me that 20 million shares
of stock hit the floor
and that caused the selloff. That caused me to ask why would that
matter. Then someone points out that
Japan is on holiday and so are most of European markets....so liquidity
isn't graet.....which
means the move was probably a liquidity issue and not a sell signal Abby
Cohen may have given her
paying customers...(not me , but maybe another trader out there)....so
with this info I may fade the
locals and double up when they try to run their stops.
Bottom line is if Abby says sell...my technicals and yours are worth
shit!
> -----Original Message-----
> From: Peter 2150 [SMTP:Peter2150@xxxxxxx]
> Sent: Friday, May 01, 1998 10:19 AM
> To: RealTraders Discussion Group
> Subject: Re: selloff in SPU
>
> In a message dated 98-05-01 10:49:51 EDT, MitchT@xxxxxxx writes:
>
> > Anyone have a real explanation for the 4.5 pt downdraft we had in
> a 5
> > min period
> > @ 9:25 c.s.t.??
> >
> Mitch
>
> I have a question for you, and others who ask this kind of
> question,
> and this isn't intented, to be critical, a flame, but hopefully start
> a
> thought process.
>
> What difference does the reason make???. My mentor would
> say who
> cares, we act on indications of direction, and some moves are great
> like that
> was, and some don't go anywhere, and there is absolutely no way ahead
> of time
> to know what will happen.
>
> How will knowing what caused this move, help you anticipate a
> move in
> the future, when it might be totally different.
>
> Joe Ross also says it well "Trade what I see, not what I
> think."
> Looking for an explanation, tends to lead one to an I think mode.
>
> Hopefully this makes sense.
>
> Pete
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