A good week all things considered. I didn't get the hard pullback I was looking for but as you will see from Marlyn's Curve later this weekend there are some momentum changes taking place which, unlike the weather here in the mid-Atlantic, are seasonal.
I decided to keep holding SYMC - mostly because there wasn't much else going on. (Truth, I'm doing my normal Christmas duties and running the wife all over here and gone shopping) (when I'm not playing golf that is).
I also added a half position on Western Union (WU) off the apparent blow-off bottom on Thursday (2-hour charts) - you know their motto - "Bailing out dead-beats for a 100 years." Oh go ahead and laugh - we've all used it for that purpose. Anyway it's a relatively new stock and I have a $23.95 target on it or a stop at 22.60 or there abouts.
For Monday - the up/down ratio is at .458, the new 20 day highs are at 688 and the new lows are at 357. This combination by itself says "more of the same" but let's see what else is going on in the prediction space.
The VIX has pulled back inside -10% but still remains lower than -5% so we could have a down day or two coming in the next week. Then again maybe just a weak sideways up which can also raise the VIX (it's sort of like raising the Titanic any more).
The best indicator (at least to me) is the fact that DIA, SPY, QQQQ, IWM and the proxy for the stock market of the 22nd century - Goldman Sachs (GS) all printed red spinners or red doji in the last hour. Last time this happened the market went up strong the next couple of days. I'm going out on a limb here and say that we have one more day of this weak rally then we go dormant until after Christmas. I think that is the fourth time I've said that but - eventually it will be Christmas and I'll stop saying it.
As always I don't "know" I just "guess" just like that guy from TV you follow so slavishly. - "Good jumpin' jiminy Sarah-Mae - he's filthy rich - he just hasta know what he's doin'!" - Oh yeah lemme buy summa dat. (sarcasm off)
But now for someone who does know - someone, who but for a few measly cents yesterday and a new Dow record could have been something special, coulda been a contenda - but instead is 37 - 28 having blown the call (and we all know how that feels too - don't we sports fans?) for Monday says .... heads - going to be a bull market.
We'll see - Later this weekend, if I can get off the shopping detail long enough, a post on wither the majors using Marlyn's curve; a reprise of my Cheap Stocks Stay Cheap rap - and no, Annie-Mae, I'm not going to say I'm sorry; and, maybe a couple of other posts depending how creative I'm feeling. I've been playing around with the 4 day swing trade method I use and I want to share some tests I've done with you.
Till then - tah.
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