The Conjunction is a geometric aspect between two planets that are at roughly the same degree – in other words, about 0° apart (give or take an orb of a few degrees). It shows there is a merging of their planetary energies, and often indicates a new force, energy or dynamic that is specific to the planets, sign and house involved.
Planets that are conjunct are typically in the same sign and house, it puts a special emphasis on that sign and house. If one planet is at the end of a sign and the other planet is at the beginning of the next sign, and the conjunction orb encompasses both planets, this is called a dissociate aspect or out-of-sign aspect. In this case, the planets are in different signs as well as a different element and modality. For example, a planet at the end of Gemini (Mutable Air) could be within orb to conjoin a planet in early Cancer (Cardinal Water). Some astrologers feel this weakens or even invalidates the effects of the conjunction.
The conjunction aspect could be interpreted as a positive or negative influence, largely depending on the planets involved and the sign they're in. The conjunction can almost seem like an opposition at times, since the planets may compete for dominance or stability, leading to swings between the two energies as each tries to express itself as a separate, distinct entity. It's important to remember that there is no such thing as an "all good" or "all bad" aspect or planet.