An interesting week just gone. Fear replaced greed for a time there. Was it one of opportunity or loss for you ? I believe it all depends on how you manage your risk. As I happened to outline in the recent advanced charting class, fortuitously, on Wednesday 5th (April), I was a net buyer of stocks on this down day, and have since sold out of several positions Friday 7th. (VNA, Effnet Sausage and Aerodata)

Was I certain the tech stocks would recover so quickly ? No. Was I nervous at the time ? Yes. But the trading plan was in place to exit my buys, if the price had continued down the rest of the week. If you study carefully the charts this week, many stocks lowed at key Fibonacci .618 levels, which helped add some confidence to the buying strategy. Achieving a set return requires the taking of some risk. There is just no way around this. A plan to manage the risk within acceptable limits is essential.

An interesting comment from my newsagent proprietor where I buy the paper each morning in Carlton whilst walking to work; all year he has been waiting for a Nasdaq correction so he could buy our stocks at better prices. Come this week and he was too nervous to buy. Sometimes markets are just pure psychology.

A couple of Gann hints now for the next quarter from April;you would now be counting 30, 60, 90 degrees up to 180 from Wednesday, as regards tech stocks for future trading opportunities. Stay close to the market on these days. Watch especially any stocks that made a big change of trend last week. May 4th/5th should prove especially interesting, so too May 28th, anniversary of last years All Ords low. Stay tuned.