Sunday, June 05, 2011

Sunday Night Thoughts - Up Week Coming?

So, the market has been down 5 weeks in a row. First time for that in 7 years they say. I don't know if they're right, but I'm just going with it. Sounds good, and I'm not in an arguing kind of mood. Lets run with it.

Seems to me that there ought to be an up week coming, right? If it's been 7 years since 5 weeks in a row down, I can't imagine how long it's been since 6 weeks in a row. I'm not going to look it up, but I bet it's been a long time.

Asian shares are down. They say (yes, them again), that it's because of a weak US jobs report on Friday. Which is strange, as we're outsourcing our jobs to Asia. You'd think that a positive GDP here and lack of jobs growth means that the job growth is happening somewhere. Either that or we're working longer hours, productivity is up, or something, right? Eh, not feeling like looking that one up, either. Again, lets run with it. Asian shares are selling off on weak US jobs data. Fine.

I looked at the Black Box, and it's not saying much. It's been on a new sell signal since the beginning of May. Just one thing. As you know, I don't follow it as a mechanical system. It's just one thing. And now I've said "It's just one thing" twice. Well, thrice. But it's a helper not a hinderer.

But what the Black Box does show on the charts is that the 50dma is somewhere above where the indexes are, the 200dma is somewhere below where the indexes are, and the March lows are down there somewhere, too. Seems likely to me that eventually, our trading ranges goes down there somewhere.

But before we do that, we have that issue of 5 weeks in a row down, and how likely would it be to have 6 weeks in a row down. Plus, with the 50dma now above us, who thinks maybe we'll see the indexes bounce up and kiss the 50dma line? Anyone?

I'm just thinking out loud. That's all. But tomorrow when I wake up, if the US stock averages are down because Asian markets were down because of Friday's US jobs report, then I may think about making a long play.

Typing this in Blogsy.

Made two trips to the casinos this weekend. One at Thunder Valley and one at Red Hawk. Actually had a bit of luck again. On the slots, believe it or not!

Picture is of Piper Perabo from Covert Affairs. Just saying....

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