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Whether Mon-Wed's base of bouncing off the 1900 level five times,
then gapping and surging is the bottom to this first good correction
in the bull, as it would seem to be, is almost not the point.
Anybody who knows didley and was in front of their screen Thursday
morning had to be in with a good portion of their funds by Nas 1935,
anticipating a strong surge – an all-day-upper. The scenario was
right, and clear. The entry point was early in the morning, and you
cannot lose on it, even if the market declines back to buy price and
you have to sell.
But 50 points up in a day is probably not just an `upday', it is a
true statement of bullish sentiment, and if it holds, a month from
now we'll all look back on it and claim how clear it was. And half
the gurus on TV will claim they were out on the way down, and in at
this point, but to a man, they will by lying. Right now, half the
investing world thinks this is a renewed bear market.
So we really don't know where it's going from here, although after
today, we have our suspicions. But we sure as hell know how to trade
it - patience and entry points as they come along. Those that
entered at each safe point, then had to sell out at even, have
arrived at the present low point intact, just searching for an entry
point at the bottom now.
The truly strange thing is that this form of trading is actually
discussed somewhere, for free. The best shot possible at how the
market really moves. It's been a while since the last installment,
but there's one today, and others will come along.
You're invited.
New Breed of Stock Trader
http://members.aol.com/davetrends
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