Wednesday, December 13, 2006

Wrapping Wednesday

This is as funny as it gets - here is what I said about the magic coin yesterday evening - "But for tomorrow ... landed on its edge - just kidding - tails - bear market. Dumb coin" And damn if the market didn't wind up on the edge today. Way to go coin!

I followed the plan - on the jump I sold the half position of ORCL I bought yesterday afternoon for a little gain. Then I dumped ALTR for a little loss - wash out. And this afternoon I doubled up on SYMC for tomorrow.

I spent most of the morning watching MAMA (among others) trying to find a set-up but one never came - everything I was watching stayed as flat as the rest of the market. There were some nice ones that I saw this afternoon but they weren't on my radar this A.M. Oh well - looks like we'll rest now into the week after Christmas when there will be a little rally and then about the middle of January the money will start flowing again.

Anyway the up/down ratio is neutral at 43%, there were 523 new 20 day highs (a slight increase) and 443 new 20 day lows (a slight decrease) and the VIX is 10% below its 10 day moving average. The 4 major indices (DIA, SPY, QQQQ, IWM) we follow all finished the last hour strong white and GS, the proxy for the stock market for the 22nd century, finished with a doji. And, believe it or not, but it looks like a blow-off bottom for GS. As I said earlier I'd be surprised to see much more than the same as today for tomorrow.

The magic coin gets a bye for yesterday as I don't consider that either bullish or bearish more like dovish. So it stays 36 and 27 and for tomorrow .... authoritatively a head - bull market. Might happen - we'll see.

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