Friday, October 27, 2006

Friday Wraps

Told ya! - Market went down and down hard - no excuse except nothing left to buy - so it became time for a rotation. I played AMR (what, again? yes, again) and made some early on which I then proceeded to play into ISIL. I decided to hold it over the weekend even though I hated the idea but I do believe that there was nothing wrong with the stock just the day. Of course there was news about their COO quiting or being fired or some such and that was enough of an excuse. I'll probably double up on Monday if I can get in before it shoots past my buy point.

Monday should shape up to be a fine day - end of the month of October is traditionally the start of the up season and I think today was just the prelude to that event. Anyway the up/down ratio is a torrid 30%, the new highs shaved about a thousand to 472 and the new lows hardly moved but went all the way up to 281. These are great numbers. It means the pressure is off but the rally is still intact. The three sisters finished in the white and the VIX remained neutral - pulling back a little more towards its 10 day MA.

The coin, magic my butt, is now 24 and 12 having blown an obvious lay-up today but for Monday it says ... heads - bull market comes - I believe it.

I'll be back later this weekend with some more charts for your viewing pleasure.

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