Day Log 9/28/06
Disclaimer: I am NOT a investment advisor, nor do I hold any license of any sort, including a drivers license. Don’t be dumb and do your own homework.
Here we are. CNBC was stupid all day. I can’t help but to think there is no way the DJIA is going to make it to an all time high. My only reasoning for this is how the media is playing this whole thing like a bad parade. The S&P & DJIA put in a Narrow Range bar today. Not the ideal thing you want to see near the highs, but the volume just keeps coming in. What you going to do. The NAS is still lagging in the Big picture but running hard off this last bottom.
US $ – It seems to have come off support well but has failed to break the last high. If we can get out of this base on the weekly we have the chance of a small move up.
US 30 Year Bonds – The have come to finally have a small two day rest here. My only question is can the bonds have that much momentum that it won’t take a bigger break than this?
GOLD – Gold looks like a decent short here, right between a falling 20MA & 13EMA and placing a narrow range day. The only down fall to this is that we are hanging around the 50MA on the weekly chart.
OIL – Had the hard bounce off the 60 point. An interesting situation may come if we get a pull back to the 71 to 73 range. That could be a tough call to make.
Strong Areas – Last Month:
Catalog & Mail Order, Home Furnishing, Auto Parts Stores, Electronic Stores, General Entertainment(Strip Clubs), Recreational Goods, Textile – Apparel Footwear, Apparel Stores, and Major Airlines.
JWN, URBN, CHRS, CLE, RCL, GME
Nice Looking Tau Long Stocks:
GIGM, INAP, SAFM, BDC, SUNH, WCG
Weak Areas – Last Month:
Energy, Shipping, Metals & Mining(tons of hammers in here), and Drug Stores
MHS, CVS, MDG, GG, CNX, OII, GRP, OIS, SII, SUN, FTI
Nice Looking Tau Short Stocks:
JOYG, SPWR, ANDE, MDR
Interesting Tight:
AAWW, ANSS, HAE, CERN, UIC, AMN, IDXX, GPRO
On the lighter side of life you have to watch this video by UGLY. This is what we need more of in this stuffy old Wall Street place.
I also came across an interesting article on TraderFeed. I love the photo at the top. As much as I love looking for article aound the web regarding trading I just can’t touch the work TraderMike does. Hats off to that guy.
