Expect A Slow Drip
“Same old same old”
remains the early Q theme, as key hourly
and 13-minute trend supports continue to provide a short-term bullish backdrop
as we test daily resistance yet again. It’s been a full morning with the release
of housing starts and the release of Greenspan’s testimony foretelling a
“moderate” recovery, neither of which has served to change the current
immediate trend, keeping in mind we’re seeing some weakness creeping in to test
embedded supports as we approach midday.Â
As we’re in an interesting conflict period
(weekly oversold, daily resistance yet on the bubble, strong hourly support, 13
minute on the bubble), I’ll be watching the evolving angles of trend supports
and the strength of the latest hourly climb to gauge any turn in tide. I frankly
haven’t been too interested in shorts over the last few days, and likely won’t
unless and until we get consolidating uptrend supports coupled with a break.
Otherwise, expect a slow drip as each support is tested should we begin to pull
back.
27, 2002Â 12:00 PM EDT
Good Trading.
Don Miller
From the Mailbag: Love
your column and it was your writing that got me interested in the Qs. I
also like your “keep it simple” method. I believe common sense and
discipline are the only ingredients needed of a successful trader, yet the
latter is more difficult than one would imagine. I love all of your
articles and devour every new one that comes in. –J.P.