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Dear James,
Therein lies the rub.I generally do not hold positions longer than a week if
I can help it.If there is a break to lower levels I am prepared to average
down and get out on a bounce...if there is one.If not I am prepared to
hold.I take trades within my system and timing may be perfect and not so
perfect.Like you said it does not take much to spook weak shorts in a market
historically bullish.
By trend analysis this market is sideways and has not committed to
direction.It is therefor seeking a range.Market action is negative now
possibly due to press and earning concerns + MSFT concerns.The Fear Index is
high.The key will be support levels for me.
You,I believe are basically in the same boat I am in if the market does not
break south for you and vice versa for me.
Luck to both of us,
John
>From: "James Taylor" <jptaylor@xxxxxxxxxxxxxxx>
>To: "Dr. John Cappello" <jvc689@xxxxxxxxxxx>
>CC: <realtraders@xxxxxxxxxxxxxxx>
>Subject: Re: Trading Train Wreck
>Date: Mon, 10 Apr 2000 22:40:45 -0700
>
>john,
>
>I'm not short the Nasdaq (yet), but am short the following equities:
>MOGN, USW, MTSN, CLTR.
>
>I am waiting for the market to really break south, then claw back about
>half
>way, then I will be looking to enter short. I believe the psychology is
>still bullish, less wildly than before, but enough so that it makes it
>dangerous to short the Nasdaq due its ability to swing up or down by a few
>hundred points per day. It doesn't take much to spook the weak shorts
>after having their rear-ends handed to them for so long. While the major
>averages may go higher (short term) or sideways, the broader market is
>going
>south, and has been for a long time.
>My plan is to maintain a diversified short portfolio, keep risk at no more
>than 2% of equity on any given trade, trade with the trend, have reasonable
>stops, have a trailing stop, and to follow my trading system to the letter.
>
>I am long just recently a boat load of gold stocks (NEM, ABX), and entered
>a
>long position in May Soybeans today.
>
>Best of luck in these very dangerous/exciting times ahead,
>
>James
>
>I wouldn't be long the Nasdaq come May 4th if I were you.
>Read the enclosed article by James Grant.
>
>
>----- Original Message -----
>From: Dr. John Cappello <jvc689@xxxxxxxxxxx>
>To: <jptaylor@xxxxxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
>Sent: Monday, April 10, 2000 9:02 PM
>Subject: Trading Train Wreck
>
>
> > Dear James,
> >
> > I have never just posted only my good trades and many times my bad
>trades
> > are only good trades in transition.Time will tell on this one.
> >
> > Thanks for caring and I hope you are short...and profitable.
> >
> > Sincerely,
> >
> > John
> >
> > >From: "James Taylor" <jptaylor@xxxxxxxxxxxxxxx>
> > >Reply-To: jptaylor@xxxxxxxxxxxxxxx
> > >To: <realtraders@xxxxxxxxxxxxxxx>
> > >Subject: [RT] Re: Trading Train Wreck
> > >Date: Mon, 10 Apr 2000 20:37:30 -0700
> > >
> > >I wouldn't admit that I was long this Nasdaq bubble if I were you.
> > >The downside risk is HUGE.
> > >
> > >Things could get pretty expensive for you before it stops dropping.
> > >
> > >What made you go long ?
> > >Just curious.
> > >
> > >
> > >----- Original Message -----
> > >From: Dr. John Cappello <jvc689@xxxxxxxxxxx>
> > >To: <realtraders@xxxxxxxxxxxxxxx>
> > >Sent: Monday, April 10, 2000 6:56 PM
> > >Subject: [RT] Trading Tid-bits
> > >
> > >
> > > >
> > > > Nasdaq-Trading sideways,Net still long at 4395 so could not resist
>to
> > >buy
> > >at
> > > > top support of 4115.Broke through it like butter on light volume.
>Took
> > >it
> > > > home with me.Top support for tomorrow is 3660.Word from WSJ is
>earnings
> > > > fears...fear fear fear.Interesting that the puts did not run-up in
>price
> > >at
> > > > the close.
> > > >
> > > > JY-Went sideways.
> > > >
> > > > Crude-looks down on the chart.
> > > >
> > > > Unleaded looks down on the chart.
> > > >
> > > > Sincerely,
> > > >
> > > > John
> > > > ______________________________________________________
> > > > Get Your Private, Free Email at http://www.hotmail.com
> > > >
> > > >
> > > >
> > >
> > >
> > >
> >
> > ______________________________________________________
> > Get Your Private, Free Email at http://www.hotmail.com
> >
> >
><< GR18n06a.pdf >>
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