Monday, April 02, 2007

Wrapping Monday

Another boring day - everything took place in the afternoon. I think that when stocks tightrope along the pivot point it is an amazing sight. I don't know if that's because everyone who trades in bulk uses pivots or if it's just a coincidence but when you see something like this you have to wonder.

From 9:45 to 2:15 it just tiptoed along R1 then broke out for R2. I had a number of stocks that I was watching do that today.

I added ALY to the trading portfolio for a swing trade. Caught it off the BOB set-up from Friday's close. I'm looking at 50 cents either way or Thursday - whichever comes first. Don't forget this is a 4-day week - market takes Good Friday off.

I took on DESC off the dead cat bounce and watched it tiptoe along the pivot point after one mad dash up and back this morning early. It's gone tomorrow regardless.

Still holding GGB and a part load of OI. Although OI did go up to R2 today it returned to R1 and that's where it made like a tightrope walker for the rest of the day. But at least it went somewhere so it stays in the portfolio for the time being. Next round trip to 0 or negative day and it's gone.

GOOG for all of you masochists in the audience, a 452 dollar stock, made 37 cents today. APPL did a lot better coming in at 74 cents. MSFT stays range bound.

The model portfolio printed 8.12% at the end of the day and the benchmark hit 1.32% - that's a lot of alpha on my scorecard. This game is very, very easy after a meltdown - I wish we could have one a month.

In the "market must go down to go up" department we have the INDU printing a 113.84 ATR which is a 6 point drop from Friday and that's what we want - an up day with a dropping ATR - get it below 100 and we should start running for the sky again.

The "shootout" between my Dead Cat Bounce filter selection ANGO and the ROCKET's TAG goes to ANGO today - it is up .95% and TAG is down -11.45% which is 16 and 15 cents respectively. DCB is winning.

VIX remains neutral and the up/down ratio does too at 52% - there just isn't much going on. This guy refuses to drop below -.005 just like last time 11-15 days ago

If the market refuses to go down it is going to find it difficult to go up. If you think a down market is hell - wait till you experience a long range bound one.

For tomorrow, based on the heavy action for today and the fact that nothing will happen until the 401K and IRA money starts flowing in next week I'm calling for a down day. Eventually we have to lose 10 or 20 points - it's just probabilities.

The coin meanwhile wants another up day ... heads.

Having both missed today by calling for a down day the score now stands at Marlyn 24 - 21 and 9 and the coin is 24 - 21 and 9.


JOSEPH said...


FWIW I don't know what your scans are showing you but I am seeing buy signals in airlines(AMR,CAL),
and biotechs (STEM, ASTM)

Marlyn Trades said...

It may be late for the airlines - I missed them completely. I still don't like techs except as quick in and out. And the Biotechs boomed today - this might be more than a 1 day rally and worth watching - thanks.