NEXT BIG THING
The SPX "bounced" from the 200 day SMA yesterday afternoon after briefly kissing it and perhaps setting us up for a little bounce back rally early next week. Stochastic and MACD are both overbought and indicating an eventual trip lower and the next thing one may here from market technicians is the cross of the 50 day under the 200 day. That cross is called by some market technicians as the kiss of death and it may accelerate a move out of stocks by various market timers.
posted by DAVID at
9:26 AM
1 Comments:
On your recommendation I am reading a book on trading. First time in 10 years. I stopped reading this crap in the late '90's when it suddently occurred to me that just about everyone was a "genius" at that time.
So I get a copy of Mastering the Trade and on page 15 I see a problem regarding the gold shares ETF where the guy says blah blah blah ... incredibly wrong. I almost put it down there but I keep reading (summer blahs whatever).
Ok aside from that one fault this is an excellent book. It confirms a bunch of stuff I had already figured out on my own - but - it also introduces me to a couple of new setups that I modelled in my filtering software and find to be very very interesting. The scalping method seems to have a future in my arsenal. If I have any other fault with this book I'd say he provides maybe too many examples but that's cool once you have the idea down you can skip them if they deal with markets you don't trade.
So thanks for the rec - this is a worthy read and anyone who is reading this comment can take my word for it. This guy is for real.
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