Not much new to report…
Mole is busy this evening and there is not much new to report from Sunday’s post, so I will keep it VERY short and sweet. At this point, it appears the counter-trend rally is not yet complete. The main reason I suggest this is that the breadth today was stronger than the breadth on the 10/16, but was done on weaker volume. If this truly was a lasting bottom, we would expect the retest to take place more than a few days afterwards.
We have an upcoming fed meeting at the end of the month that is sure to cause some market gyrations. Until then though, I maintain the view set forth last night, and only post the $INDU as I feel I need to add something.
And here is the 60d60min.
I do apologize for the lack of content tonight, but both Mole and I had obligations. I will do my best to post a few tid-bits of my trading rules, as well as a few shorts and longs throughout the day tomorrow (assuming the car continues to run). Mole sent me an article last night, and a few sentences really stood out…
“I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point?”
With that, I bid you good-night.