By: GZ on Lunedì 10 Novembre 2003 21:39
sono un attimo impegnato a rimettere in piedi tutti i miei sistemi (dati, grafici e quotazioni, indicatori, piattaforme di trading e pagine di ordini) in un altra parte del mondo per cui manco dalla discussione
Jeff Cooper che e' il guru di Gann da fine ottobre era negativo e ora sta gettando la spugna
comunque sembra che 1059 is 90 gradi o "square" Nov. 4 quindi avrebbe dovuto essere un massimo
.....
So, I have not been practically constructive on the market for the last six weeks. Nevertheless, the S&P has gained only 20 points since mid-September, while individual equities have been trading extremely choppily............
1059 is 90 degrees or square Nov. 4. So, if you are a bear, you might say that we are spinning and getting ready to turn down. But there is no evidence that this is a phony breakout as of yet, unless 1050 fails convincingly in short order here.
The bull trend is conspicuous by the behavior of the indices to shake off bad news and stair-step higher on good news. Is this the squeeze play that I was referring to? The squeeze play is when the market gives a first signal lower, which it did on weekly charts a couple of weeks ago, and then squeezes all the shorts out, many of them reversing to the long side in order to try to catch up and, of course, creating a market top.
Conclusion: Looking back to 1928 when the market had been up more than 10% since the beginning of the year into Oct. 31, in 30 out of 31 cases from 1928, the average gain was 4% the last two months of the year. So, the bottom line is that with this being a pre-election-year cycle, we have to look to buy the first pullback to support, and see what hand the market deals us. But for the time being to me, the market doesn't justify chasing.