Sunday, September 10, 2006

Back From Vacation

Looks like I didn't miss much. Thursday's volume picked up a bit and the market slid a bit. Friday's volume returned to what has become normal of late (anemic) but the market went up a bit. But I think we are going up Monday - there just isn't much more that can be sold because there are going to be a lot of buyers.

The stats are simple enough - the three sisters all closed with red candles but they all finished the 2-hour charts on Thursday well below the 20 EMA.

The up/down ratio is about 53% which is a strong turnaround from Wednesday and Thursday and the 20 day high vs 20 day low stands at 425 to 421. The VIX is below 5% away from its 10 day average. All of this is suggesting a short term bottom is forming or has formed so I'm looking for an up day Monday.

The magic coin is now 3 and 0 (to my 0 and 3) and for Monday it says ... tails - bear market.

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