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>From October 14 to the afternoon of October 24, the Nasdaq Average
declined 125 points. The "Nasdaq Count" at that point was 8/-125(-
6%). In the last two hours of October 24, the Nasdaq rose 25 points
into close, forming a "slam", and finishing off a "cup" pattern for
the day. This was a major buy pattern as announced that same night
by Davetrends of the New Breed Group. He wasn't kidding.
>From the close on the 24th, after many traders had bought large
positions of 3-Beta tech stocks (before the close), the Nasdaq rose
150 points out of that cup pattern in the next ten days. The Nasdaq
Count at that point was 10/+150(+8%), and is now only a little less.
And many of those tech stocks rose much more than 8%.
The current high Nasdaq Count indicates that it is time to take gains
on those volatile tech stocks, and tuck them away where they cannot
be given back. It also indicates that the market will not rise much
more before it corrects, at which point patient traders will again
enter the market at the next entry pattern, having lost nothing in
the correction.
This is one of the highest forms of trading, reacting to what the
market does, taking what it offers, not predicting it. It cannot be
predicted, short-term, medium-term or long-term. Trading based on
movement of the general market, not individual stocks, is discussed
continuously at the New Breed of Stock Trader site,
http://members.aol.com/davetrends. You're invited. If you have any
real experience at stock trading, or not, you won't be disappointed.
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