Thursday, January 26, 2006
The Dow rose 100 points today. Advance/declines were almost 2 to 1 positive and the volume was heavy. I think we are about to get a short term sell signal tomorrow and we are just about at the downtrend line. Not sure what to make of this. Too early to get short I think and there is no signal on the summation index. I'm on the sidelines. Also GE cascaded to the downside and that is sometimes a forewarning of what is to come. But who knows? The XAU rose another 2 points today and that index just keeps going higher. Would like to short it but the money just keeps going there and I haven't exactly had my eye on it like I should. I need to pay more attention. Kind of lax this week since the expiration but that period is over. Mentally I'm a bit tired but nothing that should stop me from what needs to be done. We are entering a normally strong period of the end of month and beginning. So I'm on the sidelines. I think if things pan out I will get short before the employment number next Friday. I think GDP comes out tomorrow. Then there is the Fed meeting on Tuesday. So there won't be a lack of market moving events. I need to be disciplined and get ready to go. The money will be there to be made. The question is can I make it?
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