26 January 2007

Caught Leaning

Week ends on a somewhat sour note as I was caught in the YM (DOW) futures this morning getting washed out in the early afternoon rollover...we were pretty oversold on the daily RSI and I was expecting a bounce off an early push lower...NOT...Having taken a bit of a beating in the morning I repositioned, feeling that we would see a push into the close as the Naz was somewhat strong all day and I've witnessed a whole slew of short covering rallies on friday afternoons over the past 4+ years...Clues were continued GOOG strength and GS flipping green...so I was able to heal the wounds a bit in the mad rush to the exits...still should have taken the day off...a minus on the P & L for the day...time to get away from the markets for a few days and just chill...see you on Monday...jfg.

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