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I did a little shorting on Thursday at the close and covered Friday mid-day
.. I was ready to take another short position or two at the close Friday
but it's all just too neat. Everyone agrees. Everyone. Be they
chartists, star watchers, fundamentalists or wave riders, they all agree we
are headed to new lows or at least a retest and we are going to do this
right away. Such consolidation of sentiment scares the hell out of me so I
went into the weekend mostly in cash. (One oil stock, one biomed, one gold
issue and 85% cash). Even after all my years of trading, I am clueless
right now and when I'm confused, I'm in cash. Why isn't DIS $8 a
share? Why isn't CCL $9 a share and how could it go up into that mess on
Friday? This old dude is going to have to watch for a while count his
chips until the hand becomes clearer.
All best next week folks,
Bob
At 04:00 PM 10/13/01 -0400, you wrote:
>The only thing is that divergence often leads to another higher high... Also
>time is involved.This thing could go even more.. Not disagreeing with you
>persay, it is difficult to model accumulation and distribution, except on a
>cumulative basis on each stock of the index.
>For the second week in a row, the futures were bought in the dead period of
>the day at near average price for the week, That looks to me like people are
>working it on the bullish side.
>
>It might be that no one is selling for the moment.
>
>Don Thompson
>
>----- Original Message -----
>From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxxxxx>
>Sent: Saturday, October 13, 2001 3:22 PM
>Subject: [RT] Gen - distribution?
>
>
> > One argument for the notion that the last 7 trading days were more
> > distributive than accumulative is found in Ben's Profit Taking
> > Index(proprietary). The PTI configuration looks the same for the OEX and
> > NASDAQ even though all the data is totally different. A sell divergence
> > between the indexes and the PTI's is seen on both charts.
> >
> > bobr
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
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> >
> >
>
>
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