Friday, December 29, 2006

Wrapping Friday

As expected a down day - the problem being there isn't anybody around who really cares enough to buy anything. Given the extra day off next week (Tuesday) nearly everyone who is anyone took off at noon today to prepare for the 4-day mourning session honoring our only unelected President. I know I'm going to pull out my old WIN button and wear it proudly for the next 4 days. (WIN = Whip Inflation Now - Gerald Ford's answer to some of the most miserable run-away stagflation ever to hit the country).

I end the year holding SYMC even though it backed up today, DHI, and I added a very small position in GM this morning. I will be holding them through next week in anticipation of the coming boom in the stock market. Actually I'm taking all of next week off. Nothing special just a short trip I've had planned for awhile.

For a recap - the up/down ratio is now at 38% and the new 20 day high/low ratio is 42% and the VIX is 7% over its 10 day moving average. These things mean that next week will be a good one - at least on Wednesday. I'd really like for the market to fall back for the next two weeks and then, when there is lots and lots of things to buy, take off from there.

With the exception of the SPY everybody else (DIA, QQQQ, IWM, GS) finished with a red candle in the last hour - which is good. That means that there was even more capitulation following through from yesterday.

I'll be back later this weekend with a fearless prediction for the next year - it doesn't matter whether I'm right or wrong - it's just something you can look at and compare with all the other fearless no nothings out there.

The magic coin having nailed today finishes the year 42 - 31 and if you don't know how much better the coin is than Cramer you just aren't paying attention. For the First Trading Day of the New Year the coin says --- Heads - bull market -

And that's a wrap.

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