Wrapping Thursday

Fortunately I wasn't around much of today having had a little personal business to get out of the way. It seemed that for all the action in the indices the only thing that moved was - I really don't have to tell you this do I? - Homebuilders! DHI made back 54 cents and I made back most of my losses. Meanwhile SYMC managed to round trip a 40 cent profit and turned in a 13 cent loss - on a day when the COMPQ was up 25 points. One more day and I'll be done with that piece of crap. Not that I don't have a profit - I do - but I think the money will be better used somewhere else.

For example - I bought some Glass (GLW) on the open based on the dummy spot on the weekly charts from two weeks ago followed by a doji last week. All of that looks like a bottom. It went up today and given its recent past this generally this means a smack down tomorrow but GLW will be my new swing trade. Today it is printing a crossing formation on the daily charts. If GLW confirms tomorrow I'll finish the buy for this round. I never got past round one on SYMC because it never went anywhere. Should rename that stock the old yo-yo. To put things in perspective I made more today in a half position of Glass than I've made in a month in SYMC.

Since I was out I didn't do any mo-mo day trading today. Just as well none of the usual suspects did much of anything. CRVL limped around for a bit and round tripped 60 cents which is nothing for that stock - it usually round trips a a buck and a half every hour or so.

GS looks like it was shot out of a cannon and then just sat in space all day. Most of the activity in the market seemed to be over by 11 A.M. My darling from yesterday CTXS gained a half a rock today. Had I been around I probably would have played it again off a "gap up - pull back" play.

Going to be out early tomorrow so I don't think I'll make any plays at all unless I fill GLW.

Which is all well and good because I think the market will take a rest tomorrow - the up/down ratio is 60% which is not too terribly bad but the new 20 day high/low ratio is 70%. That, coupled with the VIX being more than 5% below its 10 day moving average, suggests a down day coming. We have a split ending in our four majors with two red candles and two white candles in the final hour and GS, that old tie-breaker, landed on its edge - a doji (still tired).

My prediction - down tomorrow and the magic coin says ... tails - it agrees. So once again we will both be right or both be wrong.

So far - Marlyn 3 and 1 and the coin is 2 and 2.