Thursday, November 16, 2006

Thursday's Wrap

Bad storms today so I didn't get to play my usual round of golf - oh well. Made some money though - I played AMR and got a few cents out of it. Sold HANS on the bounce this morning and made some there - bought it back this evening and am going to do it again tomorrow morning. Seems that the only time it goes up is on the open. Sold off glass (GLW) too. I know I said I was going to keep it through the end of the month and I probably should have but I kept worrying about it and when you are worrying about a stock you should sell it. I worry about glass because of the flat screen glut on the market and eventually that is going to result in even more downside (I think) for that stock. If it pulls back again I might take another shot at it. Oh who am I kidding - the next dip and I'm in. As the man says - in a bull market you can only be wrong buying dips on the last one.

Tomorrow is probably going to be a very flat day because it is expiration day and lately the markets don't move on expiration day. But the externals are funny. The up down ratio took 1100 off and is printing 44% which is a huge down from yesterday. The new 20 day highs took 400 off and and the new 20 day lows added 50. The VIX stays overbought and now is more than 6% under its 10 day MA. The three sisters and the ugly step sister all finished the day printing a red candle in the last hour. But GS printed a strong white candle. If I only had a brain I would have put my entire account in GS a month ago and retired today. But I don't. Anyway yesterday I noted that all 5 of these issues finished with a red candle and this morning I went and looked and found out that that generally means a streak of higher highs coming as it doesn't happen that often. I think tomorrow is going up again as there doesn't seem to be anything that can bring it down, not news, not earnings, not anything.

Meanwhile the magic coin has now missed two in a row and that is not good. He's 30 and 18 and for tomorrow he says ... heads - back on the bully bandwagon.

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