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RT's,
Does anyone else use the contrarian indicator of Maria Bartaroma/Mark Haines
on CNBC? If we have had strong moves up or down and then get a strong gap
in the direction of the previous move you can trade counter to Maria/Mark's
extreme optimism or pessimism.
The CNBC indicator (Maria/Mark) coupled with the market's reaction to HWP
good earnings were a great contrarian indicator. I sold 1346.7 at 9:48am...
to bad I covered at 1344.70 on a stop I moved down too close.
Good trading,
Howard
>From: Johnny Storm <iceman_nrg@xxxxxxxxx>
>To: Real Traders <realtraders@xxxxxxxxxxxx>
>Subject: GEN: Market Direction
>Date: Tue, 17 Aug 1999 05:04:11 -0700 (PDT)
>
>Hey RT's
>
>I don't know about you all, but my gut feeling is the market is setting
>up for a fall. My long term indicators have gone "bearish" (5/6) and
>my short term bias for today is "down".
>
>We had three market Bias indicators on TRADEHARD.com pointing downward,
>plus my own indicators (3/5). I am curious is anyone reading the
>market like this today.
>
>Ochoa (Hedgefund Manager) went short yesterday and is looking for a
>target of 1325 in the next couple of days.
>
>
>So, for the day I will be looking for short trades on the 5 minute
>bars.
>
>JS
>
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