actio-et-reactio
Balance is but a brief transition between extremes.
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Wednesday, January 23, 2002
Art Cashin's Ode to a Tree
Art Cashin, on being asked what kind of tree he would be: "Definitely deciduous."
As I could well be, tracking down the oscillating chart bug (IE5 specific so far) and marshalling my trading plan for what I see as an impending change in trend. Pull up a weekly chart with 13w Bollinger Bands-- they're narrowing; also note that the longer MAs are flattening and "clumping".
Readers know I am biased towards a correction, primarily influenced by at best tepid economic indications and a richly valued market with weak earnings outlook. I scrub the charts looking for Bully, but keep finding bear fur. It is in times like this that "discretionary" trading must be squashed and your plan worked with discipline.
If you don't have a plan, consider putting one together. That blank sheet of paper staring at you will be intimidating, but it is in the
process of planning that the big value lies. A plan provides a focal point, a sounding board. And it is always there to be tweaked and modified along with conditions. What worked during the bull may not at all work in a conjested side-winding market.
Labels: market-buzz-gurus
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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