What a roller coaster today. The Dow crossed its zero change level around a dozen times before finally closing up just under 9 points. Nice for the day traders, not so nice for swing trading. Up, down, up, down - here's my new forecasting tool. It should work at least as well as I've been doing the last few days.
One thing seems clear, the support at 12K held firm (as did the 1300 level on the S&P) as the bears were unable to knock 'em any lower today. We have also gone from quite overbought to fairly oversold in the last two weeks. And all three futures are up right now (1:15 AM). The ES in particular is up avery respectable 0.75%, with NQ and YM not far behind that. And the VIX put in a big tall doji signaling a possible reversal. So let me turn the Magic 8 Ball over and see what it says. Hmm, "market may go higher Thursday". That's all I got.
Trades
When I checked the market when I got up, I was up a bit. When I checked back after breakfast, I was down big. After lunch I was up again, and so on. I finally did end up losing 0.27% today, but largely because NRF, one of my low price/high yield names announced a secondary after hours today and took a dump.
I'm in a decent profit position in NRF from 3.13 last summer and it's had a good run. I may start cutting back on it soon, especially since it is now the low yielder in the LP/HY portfolio. To quote R. Lee Ermey, "I'll be watching you!"
I did pick up some TIE at 18.02. I also tried buying some AUY but that proved to be a mistake, so I took a small loss and got back out.
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