Sunday, October 10, 2010

Weekly summary

Well, it appears that rather than falling out the bottom of the daily RTC, the Dow actually moved up right back almost into the center of the channel as we see on this daily chart.

This means that the uptrend remains unbroken and makes it appear less likely that we've got a significant decline coming on Monday, or indeed in the next few days. We also managed to cross the 11K mark, just barely, this past week as well as the 200 week moving average (10,988), both bullish signs. There is no RTC sell signal here.

So I'm still not ready to go short. I'm holding onto my longs and in fact bought 100 shares of NLY (Annaly Mortgage) on Friday as part of my new strategy to add more high yielders to my stock mix. I was also gratified to see that VZ, which I sold Thursday, was down on Friday. Usually when I sell a stock, it goes up the next day :-)

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