I trust everyone had a wonderful weekend and now we know the answer to that most troubling question - which two teams of overpaid athletes are going to the Super Bowl. For most of America - the answer would be - the wrong two.
As I said on Friday - today wasn't looking too good for the bulls because everything was kind of overbought and some selling was necessary. That took place this morning between 9:30 and 11 and after that it was a snoozefest. Aside from my little QID/QQQQ play this morning that I documented in another post all I did after that was buy some Q's. Kept CRVL because I'm not selling that stock for a loss and also held on to Sprint because - well just because there was no reason to sell it. I think they both go up tomorrow and I will reconsider my position then.
I bought the Q's this this morning right after they rebound off of the S1 pivot point based on last weeks weekly high/low/close. That was 43.59. Right after the buy the QID's began flattening and I was out of them. The Q's buy was based on another post I did last week that suggested that this week the Q's would be going up because they usually did after a down week. My initial target is 44.79 which is mid way between the pivot point and R1.
This was day 5 of the long anticipated GOOG short squeeze - I'm beginning to think that the almighty guru Jimmy Crack Corn Pone is having fun with us.
Oil gapped up and then fell back - but the high was over the dotted line. I think I'm going to buy some tomorrow to go along with my Q's.
And one more update - somebody is reading my KKD posts - up .65 again today.
For tomorrow the up/down ratio is 32% - about half that of Friday and the new 20 day high/low ratio of 35% is also about half that of Friday. The VIX has pulled back closer to its 10 day moving average and the indices are mixed - some green some red in the final hour of trading. All of this is a good sign for tomorrow and I think we are going up.
Coin says heads - bull market coming. Given the fact that coin has been on a real losing streak this year so far it probably will be an up day tomorrow.
Today was a down day so the score is Marlyn 5 - 4 and 1 and the coin is 3 - 6 and 1. Come on coin - Jimmy Crack Corn Pone does better than that!