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Monday, May 03, 2004

Dow up 88 points. Volume decent. It had to bounce, really. Now the question is was it just a bounce or is the decline over? I wish I knew. I want to say it's over. I want to get long weakness tomorrow. I want to but will I? It is a tough game to play. The Fed will announce its policy and I'll take it from there I guess. It will take some guts to get long ahead of that statement but that may be the only way. Gold went nowhere and I will get long there on any weakness this week. It's blown out to the downside. I would like a position before fridays employment report. Now what to do about the OEX? Buy calls? Another twist to the saga is that we still have 3 weeks left on the May options. Plenty of time for things to change more than once. What's the least likeliest scenario? The market going to new recovery highs? Then that's what will happen to screw the most players. Yeah, I wish I could see that far. But this game isn't made for wishing. I'll wait for the Fed news and go off of that. I believe an uptrend is at hand. Must find a way to make money...

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