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|Monday, August 09, 2004|
Good evening friends,
It was another uneventful trading day today as the markets went nowhere fast. All three major indexes finished basically flat for the day. The Dow is down fractionally, the NASDAQ is down 2 points, and the S&P is up 1 point. The market seems to be on hold, waiting for the Fed decision on interest rates to be released on Wednesday.
Bears In Charge
Many Bulletin stocks on the short list continue to impress with their downward movement. Bulletin stocks making new 52 week lows today included:
Other stocks very close to 52 week lows include:
The trend remains bearish, and as long as it does, we will remain playing the short side of this market. I would like to continue our indicator series with the Parabolic SAR tonight.
Parabolic SAR (Stop And Reverse)
SAR stands for Stop And Reverse. The Parabolic SAR is used to set up an appropriate target for a trailing stop loss. Parabolic SAR is a trend-following system with excellent entry and exit points. It is very useful for identifying new trends early and offers excellent buy and sell signals. SAR works very well in trending markets but not well during flat or sideways markets.
The Parabolic System was developed by Welles Wilder who also developed the Relative Strength Index (RSI). The name of the system is derived from its parabolic shape, which follows the price movements in the form of a dotted line. When the parabola follows along below the price, you should be long. When the parabola is above the price you should be short. The Parabolic SAR allows traders to catch a new trend early and if the new trend fails, the parabola quickly switches from one side of the price to the other, and generates the stop and reverse signal.
The movement of the indicator starts off slowly with the dots close together to allow the trend time to become established. As acceleration increases, the parabola move faster (with the dots further apart) until it catches up to the price action. Unlike some other indicators that tend to be confusing, Parabolic SAR is very easy to read. You cannot misinterpret this indicator, the SAR dots are either above the price or below.
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