Wednesday, September 13, 2006

Been Off Track

It's been a while since my last post. My excuse is that I haven't had much to say the past few days. I've been busy with work and family, and really haven't been able to keep up on the markets.

This has cost me in my trading as well as my blogging. I've been hammered the past few days, losing gains while not keeping on top of them. Tonight I begin to scan the indices, news, and other blogs that I watch for updates and find out what I've missed. Gold has fallen, oil is down, and the markets have been rallying in concert.

It's been 3 days now for the Nasdaq to rally, and it's showing signs of weekness. Since I've been hurt shorting so many times, I hesitate to short now. I was hoping to become more bullish, probably because of this uptrend that we've been in for a few weeks now. Meanwhile, the prophecies of another major correction in October still linger, with a few mentioning it. Now WOULD be a good time for another correction, because no one expects it.

There are several reasons that things are up this week, Options expiring Friday, oil down, consumer confidence rising, VIX down, optimistic FED expectations, and the smart money is pounding the Bears. I expect to see some profit-taking on Friday as the rest of us newbies decide to go long.

As for myself, I'm going take a good, long look at the big picture before I jump back in.

No comments: