Wednesday, November 18, 2009
UUP with Ben!
Ok, ok... so I'm not a whiz with Photoshop; you get the point. It's after 2 AM and I finally finished the image I had in my head this weekend.
I've noticed other traders are talking about throwing their hands up in disbelief in this rally. We all know it's tied to the dollar, and all the money that's getting conjured up and thrown into Treasuries. I've been in and out of UUP and some other small stocks that I was watching for patterns, like KKD.
Speaking of which, WTF happened with KKD today? I sold in the panic this morning, as it dropped lower and held it for most of the day. Then, in the afternoon it took off and closed higher for the day. Sheesh!
Update: I'm out of KKD, still riding HW, and now have a spot of TIV. I was thinking of getting back into UUP, but that ticker moves so slow that it would probably be better to find some other vehicle to ride any kind of dollar comeback. Then again, I might have a while to look for one if this death-defying rally continues.
I heard an interview with Tom McClellan of the McClellan Oscillator Clan, on The Disciplined Trader podcast. I liked what both of the guests said that I listened to the show twice. But the reason I bring it up now is because Tom McClellan mentioned that he forecasts a dip in the US markets through much of December. He even went so far as to say that we might go back to screaming 'doom & gloom' before it bottoms, even though it won't go farther down than maybe what it was in July. So, I'll be keeping that in mind for the next month or so.
Alright, gotta go to work in a few hours, time for some sleep.