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Sunday, February 29, 2004

It's sunday. Time to look back at last week and plan the coming week. Last week the GE trade turned into a loser. The daily and weekly charts don't look good. GE has returned once again to the breakout level of $32.50. It must hold here. The 50 day moving average line has now also risen to this level. The weekly charts look like they are about to break down and take GE to $30. Can it hold here? Don't know. The overall market is in the same got to hold here or lower prices in the works. The all important employment report comes out on friday. I don't know if I can wait that long. Probably should take the loss in GE and look for something else. The week ahead seems as though we will get the same drift until friday. No volume has been the rule for the last month and I see no reason for the big boys to step up to the plate ahead of friday. In the meantime the options on GE simply erode while marking time until friday. This is one of the many dilemmas in the world of trading. But what can you do, really? Trading is what you do. You can't admit it to others but you are at least honest with yourself. You don't mind when monday comes along because the markets will be in full swing again. Monday isn't something you dread. Sunday night you are checking the Globex quotes and scanning the wires. You love to trade, maybe even live to trade. When others complain about returning to their jobs on monday you realize how lucky you are to trade. It isn't a job, it's a calling. Most don't feel the same as you and do not understand. But that's just the way it is. Now we will see what the coming week has in store for the markets and GE in particular. It will need to start heading up now or it's done. More tomorrow...

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