Tuesday, July 08, 2008

sentiment




A couple of different looks at the current
over sold conditions. I prefer the extreme pessimism in the sentiment indicators the best indication. I'm looking forward to seeing the investor's intelligence #s later today which I'm sure will be quite gloomy.

A very good book on using market sentiment is Gary Smith's, How I trade for a Living. I recommend it. If you get nothing else out of it, Smith at least shows why using multiple technical indicators to trade is like searching for fool's gold.

I'd like to see a nice rally off this bottom to around 9000 on the NYA (see weekly chart)
Posted by phil at 2:40 PM
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phil
I'm a professional trader with 25 years of experience. I try to avoid all outside influences and other opinions when it comes to trading. All that matters is price. Forget the other BS its basically useless.
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