General markets getting pretty overbought here. McClellan summation index, Moving average of A/D line, Williams oscillator as overbought as they’ve been in many weeks.
Very curious to see if the overbought/oversold game starts to work again.
No new buys into conditions like this, even though there are a lot of oil and gas stocks, basic materials, some tech, that looks pretty good.
Commodities generally acting oddly divergent. Oil starts the day strong, finishes weak, feels like a reversal.
In a mode where I want to take some profits, if for no other reason than to throw a virgin into the volcano. I don't have it on in this account, but probably start with some of the SU I have over in the long-term account, put on at 18 in December.
PMs started weak, finished fine. Almost lost SLW to a stop, actually felt kinda stupid hanging in there with it. Gold having trouble with its downtrend line (and its 200) since last June. Probably sell the weakest gold - GBG.
Be aware that I am frequently wrong, and often early even when I'm not. As a matter of general principle, perhaps just because it brings a sense of order and control to my universe to sell at a price of my own choosing.
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Been taking profits the last 3 days. November & December were my best months too. It is nice to be up big since then.
Closed out most of my ERX positions across several accounts.
Me thinks that reality hits next week with earnings & we see a little drop back at least.
FCX is looking good too into earnings. Unloading it though before then since they cut the dividend last quarter & will have a lousy Q4.
Looking at putting on FAZ, TZA Thursday @ close.
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