November 20, 2006 Stock Market Recap

I have absolutely nothing new to say about this market. It's still overbought and drifting. It seems that we're at a juncture where nobody wants to sell (we're approaching year-end for many funds) and nobody's motivated to buy. Luckily I have no problem remembering that cash is a position (and often a very good position) and I'll likely stay in cash for the rest of the week. I expect volume to dry up as the week progresses and I want no part of that chop. I'd much rather play the short side with the market so extended but the opportunities to go short just aren't there yet. So I'll keep my powder dry until something changes.



Trend Table

No changes

TrendNasdaqS&P 500Russell 2000
PrimaryUpUpUp
IntermediateUpUpUp
Short-termUpUpUp

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

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Quoted

"I am fully aware that of the millions of people who speculate in the markets, few people spend full time involved in the art of speculation. Yet, as far as I'm concerned it is a full-time job -- perhaps even more than a job. Perhaps it is a vocation, where many are called but few are singled out for success." ~ Jesse Livermore
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This page contains a single entry by Michael published on November 20, 2006 9:14 PM.

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