Good evening - There are some pretty sad folks out there this evening - people who figured that they would ride their buy and holds to a wonderful new house on the ocean that they could maybe give their kids when they grew up - or perhaps that horse farm in the mountains - or maybe an old foreign car repair shop deep in the hills of Whogivesawhup. Gettin'on with the dream before they were too old to pursue ....
Wait - it wasn't that bad. It was just a down day. And the specialist who handles DHI took care of my DHI problem for me this morning - that's why I love the stop loss - it makes me sell when I don't have a reason to hold it any longer and I'm too stupid to pull the pin.
For about 45 minutes this A.M. I was flat in my trading account - cash, cash, cash and more cash - nothing wrong with that. I wrote earlier today about using the 10 day lows to find a day trade and by 10 A.M. I had the list down to 8 (from 48) and by 10:10 I was the proud owner of CIEN and PRGO. I bought CIEN off the tag of the EMA 4 line at 10:05 give or take a few minutes and dumped out around 2. PRGO actually did a little side step to the EMA 4 and I bought it at about the same time as CIEN and it went up and then rolled on me. So I made a buck and change on CIEN and a 4 cent win on PRGO - enough to cover round trip commissions on both stocks. Worst part was when it hit the R1 pivot point and I could tell from the action that it was through and I could have had at least the price of a happy meal (total profit) if I had sold it at that time. I didn't and I didn't. CIEN just kept going - a good day for whatever reason.
Speaking of pivot points - you all probably knew that the Q's pivot was 44.41 and for half the day it slid along underneath it and for the other half of the day it slid along just above it. Tech just doesn't want to give up. I think that might be because tech has been so far behind for such a long time now that there just isn't anything else out there to buy. The funds get desperate when they can't place the 401K money at the highest prices. I notice a lot of them got into DIS this morning right after the market opened and after that, as I've already pointed out in another post, DIS crashed. What do you expect, profits based on sales of assets can't be replicated next period - DIS is going to have to do some bidness now.
Let's get to the wrap - the up/down ratio dropped nicely to 44% which is good and the new 20-day high/low ratio dropped to 82% which still says - overbought. The VIX remains neutral and 3 of the 5 components of our final hour index were white and 2 were red. Mixed everywhere you look.
My forecast for tomorrow - another day like this one - down.
And the coin ... tails - bear a-comin'.
The score is Marlyn 9 - 7 and 4 and the coin is 6 - 10 and 4.