Monday, March 26, 2007

Wrapping Monday

Did anybody see what happened today?

After I saw the Yen become stronger against the dollar this morning I wrote a post "Forex Alert" and said - this won't last long. I was right.

I don't know about you but it looks to me like the USDYEN is almost a dead ringer for the QQQQ - still.

But the neat thing about the Q's is that they rebound from Support 4! and went all the way to Resistance 1. This was poetry in motion folks. See the tweezer bottom at Support 1? Then there's a tweezer again with a BOB a little while later. I love days when the market dips quick and then starts coming back - doesn't do my trading portfolio (swing trades) so good but for day trading it is the best.

Unfortunately I missed it - I was at the hospital taking a test - no problem - I passed - but I sure wish I had been here for the show.

Lost STD to the stop loss - added RSH, IN, and CRVL in place of WEN and STD. Added some to OI on a tweezer bottom near Support 1.

So you want to day trade with the big boys -

Two points off Support 2 and turns around and goes to Resistance 1. AAPL was about the same - MSFT went up but more slowly.

This guy started its move down - still overbought but moving in the right direction -

And that is a good thing. The up/down ratio stayed at 50% and the VIX moved closer to 10 under MA 10. The INDU ATR moved back up again today to 131.28. Not too much but every point higher means more delay on the recovery. We are still overbought and there just isn't any way out of that so I'm forecasting another down day tomorrow.

I'm calling today an up day because two out of the three major indices went up.

The coin, in celebration, calls tomorrow ... tails - down.

That makes the score Marlyn 22 - 19 and 8 and the coin is 23 - 18 and 8.