Thursday, September 21, 2006

Wrap Me Thursday

What a crap day. Of course we predicted a down day yesterday and were expecting it but that isn't the reason for the glum - some analyst downgraded DTV before the open and I had to scramble to get a break-even. I bought at the bottom of the drop and because I averaged down I was able to sell at a break even price - don't ever do this. Once more I repeated my mantra - day trading means trade in the day not overnight.

I bought RIO and H and made some on both of them so the day wasn't a total loss - then I went and played golf.

Tomorrow we are up. The up/down ratio which is still proving to be the best "tell" is at 35%, the new 20 day highs printed 365 and the new lows 402 which is the first time the lows have outpaced the highs in awhile. The three sisters all finished with strong white candles and the VIX remains in neutral territory. These are all bullish indicators.

The magic coin nailed today and goes to 10 and 2 and for tomorrow says ... tails - bear market.

Well we disagree - we'll see.

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