Apr
30
2009

  DIA Lost Upward Momentum

Finally, the DIA (ETF for Dow Jones Industrial Average) has completed its sell countdown. Anyone who actually played the rally should get ready to sell if they haven't already. There is a chance that the upward momentum will "recycle" since we're on day five of a nine day setup, so we'll all know for sure if the rally is over by next Wednesday.

I read on yahoo finance some pundit who is questioning if the "sell in May and go away" convention will hold this year. I think it will apply. But if the market peaks early in the month (ie, tomorrow), there is a chance that there will be a buying opportunity before the month is out. So you'll sell in May and go away only until later in the month. But I don't know, I'm still standing by my prediction from months ago that we'll see our bottom closer to July.

I've only had time to update my DIA and GLD charts since William keeps interrupting me to feed him. We've been "cluster feeding" in the evenings, which is working to help him sleep more at night, but it does take a lot of my time from about 5-8pm when he gets multiple small feeds. This is coincidentally right after market hours when I would ordinarily update the charts. Why not just chart later? Well, I like to watch TV later, that's why. On Monday and Thursday nights, at any rate.