Tuesday, November 14, 2006

Tuesday Wraps Up

What happened? I go out for a couple of hours and bang look out above - what is going on? Irrational exuberance that's what.

Well I had planned to sit by and watch but when they hand them to you from out of nowhere you have to make the play. The main play was CVNS off a drop that I played as if the first 15 minute candle was a dummy spot. Fact is the drop was from a news report that was totally meaningless. By the end of the day most of the 2 buck drop had been recovered. I was out of it long before that but for a nice profit anyway. I also played GLW and made a small profit, very small. I had CTXS overnight as I mentioned yesterday and for some reason or other - oh yeah because I thought the market was going to collapse today - I sold it off its spike in the first 5 minutes. That's ok, I made some pocket change after commissions.

People say you should post your losing trades - well - when I have them I post them - I'm just not making as many plays any more and I'm trying to adhere to a very successful process. (I'll publish that this weekend if I don't have anything else to say). Anyway as I was saying if I have a loss I'll let you know in the meantime these are my winners.

For tomorrow - I haven't a clue as usual. The up/down ratio sits at 51% which is neutral, the new 20 day highs went up 8 to 766 and the lows went up 9 to 301 - what all that means - your guess is as good as mine. The three sisters finished the last hour in the green. The ugly step sister (who was the first to turn around this morning) finished very strong and GS, the proxy for the 22nd century finished red.

I'm beginning to think that that signal doesn't signal anything. I have to start looking at it and trying to find a correlation somewhere. The VIX finally got into the game and stands now at 5% under its 10-day moving average. If that continues (which I doubt) we might have some trouble on the horizon.

The magic coin, Mr. Majestic, is 30 and 16 having nailed yet another day using just pure plain blind luck - I should be so lucky - for tomorrow ... tails - bear again - maybe, who knows.

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