I made a lot of mistakes in January, and thus this weekend is Education Weekend, where I begin to read anything I can get my hands on that deals with T.A.. I want to get better, I want to be positive in February, and I want to get even with Mother Market and how she kicked me square in the face at the end of January. My standpoint on Sunday night will be optimistic of my skills, and I am ready to take on this bull by the horns or this bear by the teeth.
Welcome to the new MJTT. "The List" is still the and-all-be-all of stocks in the market, and if you have any other suggestions for stocks to be put on the list, please comment below and I will look at them and add them if I feel like it. New rules will be instituted to my trading strategies this weekend, and when Sunday night rolls around (GO STEELERS), I will give you my insight on the market as best to my ability.
I got torn up today, to put it bluntly. Tomorrow, I am hoping, will be different. My position is mixed, however, and my only positions are in the following stocks:
- ERX
- BHI
- FCX
I am not dip buying tomorrow, for I feel the market is about to unleash its fury through it's whiplashing it will do next week. If I am buying anything, I am buying iETFs towards the middle of the day, pending on Morning action. Nonetheless, I expect a pullback in the iETFs tomorrow due to their (meaning SRS, SKF, FAZ, TZA, and SDS) average levels in the following indicators:
- Relative Volatility Index - 56.07 and increasing on all 5 iETFs
- Weighted (w/ Market M.A.) Momentum - 1.51 and decreasing with 2 iETFs and leveling out with 3 iETFs
- Swing Index - 1.33 as a constant day level, with a 30.26 high swing average (most of which occured at the beginning of the day with the exception of the TZA which had a mid day spike that was half of the average)
- Money Flow Index - 69.92 and increasing with volatility on all 5 iETFs
These indicators are leading me to believe that although they have a little steam left, the pullback on these suckers tomorrow to close out the week may be inevitable. If it doesn't occur tomorrow, expect it to happen Monday. Watch for these iETFs to half their values tomorrow. The bollinger bands are beginning to touch the overbought signals too, by the way.
Be careful tomorrow, for that is my only advice. Come Sunday, I will outline the new trading strategies of MJTT. One month down, eleven to go.
Keep Tradin'
ZM
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