Tuesday, November 28, 2006

Wrapping Tuesday

The magic coin is 33 and 22 - missed today. I nailed it though simply by noting that the market was ready to bounce. And bounce it did - albeit very, very small rewards.

Notice that the plot line wasn't because the dollar mysteriously strengthened or oil dropped a lot or retail sales improved or anything else - in fact the Fed said that interest rate cuts were unlikely (bet me). The market went up because there was something to buy - it really is that simple.

I did nothing today because it was a gorgeous day here in Maryland. I went and played golf instead. I'm going on vacation for the rest of the week - so if the market goes down tomorrow - so what and if it goes back up the next day - so what - I don't intend to do any trading until next Monday at the earliest.

I also won't be posting after this one until Friday at the earliest and probably not until this weekend.

Anyway the up/down ratio returned to neutral as did the 20 day new highs at 275 and the 20 day new lows at 419. The three sisters all finished with doji as did IWM, the ugly stepsister. The proxy for the stock market of the 22nd century printed a strong white candle in the last hour. All of this put together probably means nobody knows nothing which, of course, is rule 1.

The magic coin calls tomorrow ... tails - bear coming - who cares. See you all this weekend.

2 comments:

Bullish Jim said...

Booyah (just kidding) on a nice blog. I've quietly enjoyed your writings on the market for a while now and I just wanted to say that you do a nice job. I always learn something here. Thanks!

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