My tradition is to take a day off after a big win. That is because I have found that I can piss away a profit faster than I can earn it. By taking a day off the desire to trade recklessly subsides and I can approach the market in a calmer manner again. Today was a day off.
It was a weak day even though the averages were up strong. Tomorrow should be moderate to down and Friday should be dead even because this is, after all, expiration week. The up/down ratio sits at 56% - down a bit from yesterday and the new high/lows printed 1137 to 139. Once again we are in a position where we need a couple of down days just to find something to buy on the bull side. The VIX continues to decline and sits at 12% below its 10 day moving average which is always a cautionary moment. Two of the three sisters finished the day in the white (Q's and SPY) but neither one of them showed much strength.
The magic coin is 4 and 2 and for tomorrow it says ... heads - bull market coming.
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