Wednesday, November 15, 2006

Wrapping Wednesday

Market went up - what's new? Fed heads said no new interest rates. Ok - next? I actually lost $236 today. Took a late day position in HANS and it collapsed. But I turned it into an investment - you know the difference between and investment and a trade don't you? An investment is a trade that went South with no stop loss. I'll pitch it tomorrow on the morning bounce. I'm also hold a position in glass (GLW) which I plan to hold through the end of the month.

For tomorrow probably more of the same. As seen this morning we are starting into the Santa Claus rally period of the year. This is the time when all of the funds have to buy buy buy in order to make their numbers look swell and sweet to the hoi poloi so that more and more suckers - I mean - customers will come and buy their wares. Blah blah blah BS BS BS... anyway the three sisters, the ugly stepsister and the proxy for the 22nd century all finished the last hour in the red. I think that means we bounce tomorrow. The VIX continues to stay well below its 10 day average which is not good and the up/down ratio remains in neutral at 4154. Unfortunately 1249 stocks are now at new 20 day highs and only 150 (or half of yesterday's total) are at the low. The last time we had numbers like that the market went up the very next day and then went down for a couple of days. And the time before that and the time before that it did exactly the same thing. So I think the market is going to go up tomorrow and down on Friday - given Friday is expiration day it probably won't go anywhere.

Old magic coin is 30 and 17 having called a bear day for today. But for tomorrow he is saying ... tails again - more bear predicting.

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