The headline excuse for this morning's drop is the "mixed housing data" which longtime readers of this site know I would consider to be absolute bullsnot of the finest kind. Bullsnot because this isn't news - it is expected - it is known - and if it didn't affect the markets yesterday it shouldn't affect them today. But it does because the moron money managers out there live in fear. I think most of those guys, no - all of those guys and most of the women bring a change of undies to work every day because every day at least one or more expected news stories will get them crapping their pants. Dumbasses - one and all. It must be awful to go through life being compared to a mindless index which is affected by everything you and every one of your dumbass peers does.
Well there, I got that off my chest and I sure feel better. I think the world would be better off if the stock market only operated on Tuesdays and Thursdays and the rest of the time was devoted to meditation and self-evaluation. Anyway we did make some money today and I think everyone did so I guess once the money managers changed their dainties they came to the rational conclusion that nothing had changed. Morons.
I'm holding GGB, a very small portion of BGG (only because it hasn't hit the stop yet) and a moderate portion of JNPR. Everything else is gone, gone with the wind, gone with the rain, gone to hell. Doesn't matter - I plan to double up on GGB and start looking for some other commodities to buy (not gold or silver).
AAPL actually lost some today and I'm trying to figure out what that has to do with new construction permits but I can't. GOOG made a bunch today and I suppose that's because everyone is doing a search on "housing permits" and MSFT, good old MSFT rewarded its loyal followers with another 17 cents - coin of the realm - better than gold (at least I can take it down to the gas station and add another lot of money to it and get a gallon of gas - let's see you do that with a gold bar).
The model portfolio is starting to mature - it only went up .68 today to 17.66 and the benchmark also went up .68 to 7.98. The IBD Top Ten went up .86 to -2.43. I wonder if today's top ten did any better.
The VIX is back in neutral the up/down ratio printed 58% so that means a moderate to down day tomorrow and the INDU ATR is at 95.74 which means the rally can continue.
This guy pulled into the neutral zone too
The coin is calling for a ... heads - up day - what do you know - the coin disagrees with me. Based on its record vs mine - I'd go with the coin.
We both hit it today so the score stands at Marlyn 35 - 29 and 15 and the coin is 38 - 25 and 15.
I've got a whole bunch of new posts planned including a new way of looking at the RSI and ATR. Stay tuned and if I can find the energy I'll get them out.
1 comment:
A outstanding trading day.
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