NASDAQ’s 200 Day Moving Average Proving to be Resistance Once Again
Source: http://www.market-speculator.com/2008/08/15/nasdaqs-200-day-moving-average-proving-to-be-resistance-once-again/Posted on Friday, August 15th, 2008 | In Market Commentary
NASDAQ stocks are finding it difficult to push through and hold the 200dma average. Once again, the 200dma on the NASDAQ is proving to be hefty resistance for stocks. However, listening to Fast Money and Jim Cramer’s Mad Money they would have you believing that we are in a new bull market. These shows are completely useless and are apart of the Wall Street Machine trying to suck you in. Thankfully, I found William O’Neil, Jesse Livermore, Darvas, Loeb, etc early in my career. Most recently, as of 2 years I found Brad Koteshwar who through his two self published books teach similar principles. One of the largest is to IGNORE what comes from Wall Street. This will include all financial news channels. As we continue to fail at resistance these “professionals” will continue to hammer you to buy and buy some more.
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 About Market Speculator (http://market-speculator.com)
Market Speculator began his market career shortly before 9/11/01. The methodology he uses comes from the greatest stock market traders of all time; Livermore, Darvas, O’Neil, Dryfus, etc. Decision making is based on price and volume while stock screening is done by growth in fundamentals. Much like William O’Neil’s CAN SLIM approach to investing Market Speculator focuses on a narrow amount of stocks and lives by cutting his losses early. |
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