Editor's Note: Gary B. Smith's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com and Gary B. Smith five days a week, click here. This article was published first on RealMoney on Oct. 29.
"What do you think will happen to the market?" Yeah, right there, that's the No. 1 question I'm getting these days. (No. 2: "What happened to your golf game, Gary?") I have my opinions, of course, and you can see them on display nearly every day in this column.
But do I act on them? Rarely. I always let the specific trades I'm seeing dictate how bullish or bearish I'm going to be. That's right, I might think the
is going to zero, but if I keep coming up with Nasdaq long trades instead of shorts, then I'll keep betting on "up" rather than "down."
Of course, this might be viewed as a blatant sales pitch for The Chartman's Top Stocks, but I hope it's more than that. The real message? Your opinions are fine. But make sure you also have a reliable methodology for telling you whether to be long, short or even out of the market. Over the years, it's that methodology -- not what I think will happen -- that's made me money.
Today, the Nasdaq,
And that is the final word from Phoenix, where I was impressed by the Diamondbacks for sure. More impressed, though, by Ray Charles. Boy, talk about a pro. The man is 71 years old and still gives me goose bumps!
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes a daily technical analysis column for RealMoney.com and produces a daily premium product for TheStreet.com called
The Chartman's Top Stocks. While he cannot provide investment advice or recommendations, he invites you to send your feedback to
Gary B. Smith.