tag:blogger.com,1999:blog-253123551511703819.post1867388817444100730..comments2023-06-21T12:09:29.290-04:00Comments on The Night Owl Trader: Thursday stock market forecastMichelehttp://www.blogger.com/profile/11446439300213187649noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-253123551511703819.post-55421001008525462392016-09-15T12:43:49.327-04:002016-09-15T12:43:49.327-04:00You are of course absolutely right. This brings u...You are of course absolutely right. This brings up a philosophical question about the Night Owl. I have wrestled with how much detail or background I should go into when I make my pronouncements. I need to strike a balance between too much and too little detail. Lately I've been under a lot of time pressure elsewhere so I've just been giving out conclusions and not so much the reasons here.<br /><br />One thing tht seems clear to me is that this is going to be a Brexit-like event next week. If the Fed does decide to raise rates (which I still think is a very bad idea), we're going down hard.Michelehttps://www.blogger.com/profile/11446439300213187649noreply@blogger.comtag:blogger.com,1999:blog-253123551511703819.post-4931296607172532522016-09-15T05:26:13.023-04:002016-09-15T05:26:13.023-04:00Indeed, it seems like a descending triangle, but t...Indeed, it seems like a descending triangle, but the outcome is less obvious. Bulkovski thinks is just a continuation pattern and the breakout can be in any direction being downward 64% of the time when in a bearish trend, which - it seems to me - is not the case. Autochartist predicts it will be upward because the RSI is below 40, but Larry Connors would say: wait till the RSI (2 period) is below 10 and better 5. And my agent just called to say to brace myself for some volatility next week with good probability of a 10% drop! Well as you often say, in trading there is no rule that obliges to trade. Trading is a science of uncertainty and an art of probability.Anonymoushttps://www.blogger.com/profile/11811873942803409462noreply@blogger.com