Wednesday, October 11, 2006

Wednesday Wednesday Wednesday - Wrap

Well I'm feeling good - even on a down day we can find some cherry's and I did and we had RHAT, AMR, AMD and, for a brief time YHOO. We broke even on AMR because I chickened out on it and when it came back to my buy point (plus some to cover round trip commissions) I sold it. Had I held it I would have been four for four and that would have been great. I bought YHOO just before noon off a "buy me - please buy me" formation - see if you can pick it out.

Hint - look at the candle formation at 11:30 followed by the one at 11:45. AMD I bought off the narrow range bar at the second 15-minute candle and the fact that the SMH (the semiconductor holders ETF) was going ballistic in the second 15 minute period. RHAT was also bought off the NR bar in the second 15-minute candle. I dumped both RHAT and AMD at half past noon and that was a little premature for AMD but just about right for RHAT.

YHOO I dumped at 3:45 for a nice little profit - kind of a desert off the morning's meal.

Tomorrow is shaping up as a potentially bullish day - the up/down ratio is 34%, the new 20 day highs have backed off to 534 and the new lows hit 271. All three sisters finished the day in the white and that is always a good sign when coupled with the up/down ratio. The VIX stays neutral - hardly moving at all. My newest market proxy - Goldman Sachs not only finished the last hour in the white but it also finished the day green. As a result I'm giving the magic coin the day as a bullish day because even though it started off down it came back strong in all regards.

That makes the score 18 and 6 which is fantastic for a coin flip - for tomorrow it says .... tails - the bear is coming. Oh, it's just a coin for crimenelties sake!

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