Short on time ... long on the market! Ha! Catchy, huh? Well, that's my position, and I'm sticking to it. At least for now anyway.
Why my sudden bullishness? As always, it's due to one reason: I have a lot of good long candidates popping up. Now, does that mean it's back to
12K? Hey, who knows? I just have more good long trades than short trades lately. And, as far as indicators go, that seems to work for me.
Remember, and I can't stress this enough, a really good trader/technician doesn't try to forecast the market. No, what the smart person does is
to the market, assume the trend continues in the latest direction, and tries to take a small piece out of the current move. So, when folks say I flip-flop every which way the market does, I say "Damn straight, and proud of it." Because that's a pretty darn good way to make money!
OK, enough rhetoric, let's get to some end-of-week charts.
And that, folks, is how it is done. The kids have their first
long course meet of 2000 this weekend, in which they'll swim the 200 breast stroke for the first time ever. Here's hoping they finish in one piece!
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 five technical analysis columns for TheStreet.com each week, including Technician's Take, Charted Territory and TSC Technical Forum. While he cannot provide investment advice or recommendations, he welcomes your feedback at