MG, Sitting on the Dock in the Bay,
Watching the ships roll in, and watching them roll away again. Really, Really came close to committing the Phleet today, but still watching.
Thursday the major Indexes were BAMBI 5's (bearish trend). Friday turned them to 6's. It is my experience that this is usually the decision point. We either back up (back to a 5) or move in the normal direction to a bullish signal. The most explosive upward moves come from a 6 reading.
DJIA was really interesting today, and brings home the point I want to make. We came right up to the daily DTL and 50 day EMA and retreated. It was Intensity!
I profess no knowledge of what's going to happen on Monday, but it will be an important day. We either break above and hold the DTL or look out below. I posted to GZ about a week or so ago that I thought 10/26 would be the danger day. I continue to feel that way. If this upward Big Mo and cannot be maintained on Monday, it will IMHO send a serious signal.
Let's add all this to the Big Money Game of Mutual fund performance. Let's assume that the name of this game is to trash your competitor's performance and enhance yours. I understand that most mutual funds end their fiscal year 10/31. So, I perceive that the name of the game this week will be to maximize relative strengths and weaknesses, but end on a positive note overall.
Now, throw into the mix that some key Drug, Retail, and Financial stocks are at key resistance points, and we have the makings for a very interesting week. I'll try to listen to the shoe and decide next what to do! I'm consistently reminded that at some point, resistance becomes support, and support becomes resistance. Maybe now, Maybe not! The short term charts generally vote -- Maybe Not.
I'll answer you specific question as to selections, after I do my homework this weekend.
Just A View from the Swamp
TB |
