Can We Even Find The Woods?
The Qs are down strongly this morning,
thanks largely to
(
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PowerRating)‘s “not quite out of the woods yet” 50%
earnings miss and the “can we even find the woods?” economic stimulus
shenanigans on Capitol Hill. Volume and trends have been strong, with
trend-continuation triggers providing the largest payoffs. As is the case on any
significant trend, watch for stochastic vs. price divergences as a potential
lead for trend reversals (using MA triggers, as always), with the mid-day
Philadelphia Fed data release already providing a slight pop into what has been
strong resistance most of the morning.
Thursday December 20,
2001Â 12:00 PM EDT
Keep in mind that
the holiday trading pace can often reflect sporadic market moves, which was very
much the case yesterday afternoon. Today’s improved pace likely reflects the
market moving news to an extent, yet one should consider remaining cautious as
we draw closer to next week.
On the mailbag front, this one caught my eye mid-day:
“I got your tapes
at 4:00 P.M. yesterday. After viewing them until 11:30 last night, I set up my
screens using your layout. Today with two hours to go in the markets, I’m up
$695.00 and think I can pay for the tapes with today’s trades. Thanks so
much!” J.G.
While long-term trading success requires
a systematic and disciplined application of any method over a period of time,
it’s been nice to see many using the material to help jump-start their engine.
Good Trading!