Monday, November 20, 2006

Crazy Wrapping Monday

What a day - I didn't feel right all day so all I did was manage my "investment" (ATHR) and I sold it in early afternoon for a 50 cent gain (over the 14 cents I was down on Friday). Then later it set up again and I bought it again and now I'm plus 13 cents and hoping for another gap up tomorrow. This is a crazy game.

On Friday I said that the market was going up today and, I don't know, but if two of the three sisters go up, the ugly step sister goes up and the proxy for the market of the 22nd century goes up and if only the dumb old Dow Jones Industrials went down did the market go down? (Of course I'm talking about the ETFs DIA, SPY, QQQQ, and IWM above and not the indices they reflect.) (And why "of course" because if I wanted to I could play the cash market using those elements and that's what I'm all about - playing.) GS didn't make the 2 handle like I thought it would - maybe later this week or early next.

Yes, the market went up - it tried to go down in mid-afternoon off a housing report. But seriously who here didn't know that housing was in trouble? Obviously the entire trading community that's who - they started selling with both hands when the report came out. Morons.

Tomorrow - more of the same. Why? Because the up/down ratio edged back up to 45%, the new 20 day highs went to 668 from 575 and the new 20 day lows stayed about where they were at 212. The VIX, although it printed a single digit handle this evening still remains only about 6% below its 10 day MA and all the sisters, the ugly step sister and the proxy of the 22nd century all finished with strong white candles in the last hour. Put it all together in Thanksgiving week and you've got low volume trading in stocks that are barely going anywhere.

The magic coin loses another and now sits at 31 and 19 and for tomorrow --- heads - bull market - probably.

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