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Monday, September 13, 2004

The Dow was basically unchanged today, up a little over a point. Volume was nothing special and the advance/declines were positive. No economic news today and it is option expiration week. Gold was up a couple bucks with the XAU, NEM and ABX all showing small gains on lighter than average volume. The options I previously owned did nothing. Now for a losing recap. The ABX calls were a 75% loss and the NEM calls were a 62% loss. Ouch! I might go for some October calls if prices are right and a signal develops, which I think could happen. But who knows. The Bollinger bands are converging implying a big move is at hand. Which way it goes is another question. However other technical indicators are oversold so I am believing a move to the upside is imminent. With the OEX this week I hopefully will stay out of the picture. It's getting more overbought but it has been overbought for a while. Not much else to say. Moving on from losses as best I can. Trying to stay focused and look for the next opportunity. Not beating myself up for the latest debacle. Should use stop loss orders but that makes a little too much sense now, doesn't it?

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