Friday, November 10, 2006

Freaky Friday Wrapper

As promised another directionless day of meandering around looking for a reason to exist. But enough about me, the markets weren't much better. Another mixed ending to a mixed up day - the three sisters (DIA, SPY, Q's), the ugly stepsister (IWM) and the proxy for the 22nd century (GS) all finished strong white in the last hour.

But the up/down ratio returned to neutral (52%), the VIX stayed in neutral, the new 20 day highs jumped over 600 and the new 20 day lows pulled back to 291. This is a market headed nowhere fast. The bias remains up but the dynamics say - IDunno.

Interesting enough the Q's were up all day today and that was off the doji at the end of yesterday. Here is what that looks like -

When you see this in a 60-minute or 2 hour chart you can be pretty sure you are looking at a bottom and the next day if not the next several days will have an upward trajectory.

Not being one to make such statements lightly I plan to be back this weekend with several examples including the one I played today - what else - HANS.

Well the magic coin is 28 and 16 having nailed today and even though it was not a boomer it still was up up up so it gets the bull nod. For Monday the coin says ... heads - another bull day. I think so too. Might even be a real bull day.

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