Monday, September 25, 2006

Wrapping Monday

As expected the market goes up. I made some on AMR and RIO but not as much as I could have because I was impatient to get the buy in and was well off the low of the day. Oh well - patience is one of my weaknesses and I really have to practice that more than anything else. This is the one weakness that kills most traders - impatience. Too quick to buy too quick to sell. It just takes discipline nothing more - most people don't have it and most people can acquire it.

Tomorrow should be a sideways kind of day - the up/down ratio is back up to 56% and the new 20 day highs are once again outpacing the new 20 day lows by 637 to 430 - still that's quite a few lows so I think sideways up could be expected. The VIX remains neutral but all of the sisters finished the last hour in the red. That is generally a weak sign. This week in September is generally pretty robust as the fund managers are looking to make some coin before the end of the quarter.

The magic coin is 12 and 2 having nailed today perfectly and for tomorrow says ... heads - again - another bull day.

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