Thursday, February 22, 2007

Thursday Wraps

Well I did it - I took a day off and didn't miss it. I said in my post this morning that I had bought SYNA, WLT, LQDT and sold half of my TLB. Of these LQDT was in the money all day and the other three just drifted. Some action late took them all up to near where they were purchased with WLT poking above break even.

I said if the market was going to be down I would buy them at the close but I didn't know at the time if I were going to be here for the close so I bought them early.

What a day - AAPL finished up 30 cents, GOOG finished where it started and MSFT made all of its millions upon millions of happy owners - 3 cents. Once again tech was up with the semis (I know - I pronounced them DOA a week ago or so) leading the way. Somehow none of that makes sense nor does it fit with the news reports regarding the glut in semis. But if the three Amigos couldn't make a score today I'm telling you something is rotten in this story and we haven't heard the end of it yet.

Of course I forecast a down day today because the various indicators that I look at pointed in that direction. And for tomorrow - I think we have one more down day into the weekend. We just aren't set yet and most of the indicators remain neutral or bearish.

The up/down ratio is close at 40% but the VIX remains neutral. The INDU ATR is at 86 which suggests that it is coming time for the market to turn. But the NewMoMo indicator hasn't broken below -.005% yet and that will be the real deal when it does. That's the direction of the momentum so one more day should do it.

Meanwhile the coin says ... heads - bull market coming tomorrow - stay tuned.

Despite the fact that tech went up the broader market went down so I'm calling it a down day - too many ties lately.

So we both got it and the score is Marlyn 14 - 10 and 5 and the coin is 11 - 13 and 5.

1 comment:


Another fine wrap up.