Well that was better. This indicator - NewMoMo - seems to know what it is talking about.
Who knows maybe they'll name this one after me - Marlyn's MoMo. Wouldn't that be nice.
I bought both AMMD and ACOR but ACOR proved too volatile for my tastes and I dumped out of it soon after the purchase. I increased my position in AMMD this afternoon. I also increased positions in AKS and GGB this morning early. TIE and GRA remain the same. Although I should have played TIE a little more aggressively but of all my holdings at the moment it has the highest ATR and that still has me worried a bit even though it is falling while TIE is going up. I might put a little more on it tomorrow if the ATR continues to fall.
I picked up AMMD just as it passed through Resistance 1 at 19.73. It went right up to resistance 2 and if I were day trading it that would have been where I would have sold it for a nice quarter profit. But I'd already decided to hold on to it so I did and then I added to it when it crossed R2 again. You can play the pivots high or low - high on a gap up and low on a gap down. If you don't use them you should take the time to study them and start.
The VIX dropped way down today and that too was expected but until it drops more than 10 below it's 10-period moving average we are probably going to continue going up. The INDU ATR continues to increase and note that in order to be sure we have hit the bottom it should start decreasing. It is 174 and change today and yesterday it printed 166.29.
The model portfolio is -.30 and the benchmark is -.42 and for the first time in a week we are ahead of the benchmark - not by much but every little bit helps.
The three pals all went up today and that wasn't hard but GOOG led the way at 3.77% followed by AAPL and then MSFT. GOOG hit that flat spot from 11 to 1:30 or so and then just started climbing through the rest of the afternoon.
Now for the news - the reason why the market went up today wasn't because it was completely oversold - no sir - the reason why the markets went up today was because of investors being encouraged because the "world" markets went up today. The fact that factory orders were way down had absolutely no effect but had the market gone down - that would have been blamed. Clueless - just clueless. Absolutely no mention of the fact that the Yen is cheapening thus taking some of the edge off and certainly no mention of the fact that billions of dollars started pouring into the brokerages today in the form of 401K money - no - just encouragement because the world markets started recovering. Right.
The 4 major indices that we follow all printed red/black candles in the last hour and that is a good sign. The up/down ratio however printed 73% and that isn't so good - too much exuberance.
Regardless I think we could have another up day tomorrow surely all the dip buyers aren't gone yet.
Meanwhile the coin says .... tails - thinks it will be down.
The score now stands at Marlyn 17 - 15 and 5 and the coin is 15 - 17 and 5.