Thursday, March 09, 2006

McClellan Summation

Just was checking out the McClellan Oscillator and Summation as I do most days. One of the most powerful tools for medium term trades of the indices and determining overall direction in the markets. At the moment the oscillator is getting pretty extreme to the downside showing a short-term bottom in the market is near. Did several trades today, ending with my Ameritrade account more to the long-side. Only one short now. I don't post all my trades here by any means. Just a few to explain my thinking on investing and trading.

I am expecting the markets to rally here till the end of the month. Based on the McOscillator and other technical indicators and looking at a lot of different securities and Elliott Wave Theory. My short term trading is mostly on technicals and the macro picture. A few news stories about individual stocks (like GOOG). But I won't trade if I don't see a good technical set-up as well as the story.


StealthBucks said...

Hope you get the long term gig you want. The problem with Tech guys on the street though is they are few and far between. Less of them all the time. I once read a paper from Ralph Acampora he wrote the week after he was let go at Pru.... Bottom line is research is being slowly seperated from sales and tech is the low bastard child on the pile. Easily walked on and no will pay for. I believe all that will remain is quant's and hedge funds. So, the question is, on a very personal note, how do you make a living doing that which you love. Let me know if you figure it out.

Finally, if you had loaded the boat on practically any closed end fund in early January, you'd now be a happy man. I still believe we have 2% to 3% more discount shrinkage to go by April. Happy hunting.

mOOm said...

Well I don't really have much choice at the moment given visa issues etc. And am getting older. So a new career as such seems pretty unlikely...