As expected a bit of a rebound after yesterday afternoon. The market needs a little rest and so do the rest of us. I added OI this morning on a jump up and I'm pretty pleased with that. I waited for WEN to both pull back to the pivot point and put the RSI(2) < 2. When it passes back through the pivot point going up I'll add to it.
After pulling back for the first 40 minutes or so my other holdings are turning around and going back up again. I'm going to add to STD once it crosses the pivot point going up (does that sound like a broken record?) and I'm giving KNOT until noon to start looking for the sunlight. It's currently at 23.79 and it has until noon to make 23.99 or else its gone.
OK I've got to go back to work - need to add to WEN and STD.
Update: - AKS - I decided that I have enough steel in GGB and if it continues to rise I'll continue to layer into that one rather than a new one.
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Marlyn,
Have you noticed that the S&P 100 has completed a 61.8% fibonacci retracement of the 2000 high to 2002 low within a couple points? Maybe this recent dip is just a prelude.
Mike
I hadn't noticed that - I still think we have a long cold summer ahead of us. And even though I seldom use them I believe in the Fibbis.
Another day another dollar.
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