Friday, December 28, 2007

And the Market Says...

There is [was?] a gentle, quiet and overall positive action 30 minutes into trading today, but nothing gang-buster and nothing yet which suggests piling right back into a fully long position. I'm shopping for ideas, but I want to see most of the opening 90 minutes before committing anything. I still have 55% of the position I came into the day with yesterday, which feels about right for the moment.

FWLT is weak again, trading below the yesterday low and with today's early high seeing Resistance right at the 10-day m.a. (10-day is a useful 'trading' average). I'm blowing this name out if it trades below the 153.79.

LOGI is in break-out territory. Watching volume there, which is low so far; like almost everything today. I don't need the normal 3-4 x's ave. to get inspired here. And I have a reasonable-size position in LOGI already.

I mentioned previously we had a half-session coming on Monday. Actually, Monday is a normal session for equities. I'm canceling my half-day cruise to Bora Bora now.

We are sliding down a bit now (market) and I just got stopped on FWLT. Goodnight sweet prince on that one. JASO is attacking yesterday's low. I sense the market will re-capture its legs here, but we shall see. I actually prefer some amount of testing down, but I don't want to drive below yesterday lows. Looks like I'm a buyer one direction and a seller in the other. I want to get the rest of the year out of this long-only portfolio, but I'll force myself into early retirement if I have to.

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