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This is not a conspiracy by the commentators. First of all, Pisani is
the first to talk about concerns like the A/D line being poor, or
breakdowns in indices, drops below moving averages or dangerous
sentiment levels. Do they tend to put a positive spin on things
sometimes? It does seem that way, but I have spoken to these people, and
they get threats from John Q. Public for being negative. Last year when
Acampora did his flip flop to negative on CNBC, the switchboard almost
burnt up! Besides, don't know if anybody has noticed, but this market
has been going up a heck of a lot more than going down for the better
part of 17 years! All the chicken littles have gotten is egg on their
face most of the time.
As for market direction, the "pros" and traders are too bearish right
now. But, the S&P 500 (cash) only just retraced 50% of the losses (even
if the Dow has gone past that 78.6% derived level that everybody loves).
Lots of resistance within 10 points of here. But, given that all the
smart money is calling for a new low, maybe we get to new Dow highs,
close in the S&P 500 and then do a flat-type correction. Or, maybe we do
not even get that low again. I already laid forth the bullish scenario
here the other night. Did not get too much attention. Guess too many
folks were short!
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
url: http://www.poserglobal.com
email: swp@xxxxxxxxxxxxxxx
----- Original Message -----
From: kohath <kohath@xxxxxxxxxxxxx>
To: Howard Hopkins <hehohop@xxxxxxxxxxx>; <iceman_nrg@xxxxxxxxx>;
<realtraders@xxxxxxxxxxxx>
Sent: Tuesday, August 17, 1999 3:49 PM
Subject: Re: GEN: Market Direction
> The Commentators will say anything to keep this market moving up.
Every
> time there is a drop in the dow they get Patabaglio on there to tell
> everyone how great everything is and that this is just a buy
opportunity.
> If there is any bad news you can count on Maria, Pisani, etc, to keep
quite
> about it until there is no other choice but to announce it, After the
market
> has tanked.
> Kohath
>
> ----- Original Message -----
> From: Howard Hopkins <hehohop@xxxxxxxxxxx>
> To: <iceman_nrg@xxxxxxxxx>; <realtraders@xxxxxxxxxxxx>
> Sent: Tuesday, August 17, 1999 10:55 AM
> Subject: Re: GEN: Market Direction
>
>
> > 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
> > >
> > >_________________________________________________________
> > >Do You Yahoo!?
> > >Get your free @yahoo.com address at http://mail.yahoo.com
> > >
> > >
> >
> >
> > _______________________________________________________________
> > Get Free Email and Do More On The Web. Visit http://www.msn.com
> >
>
>
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