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Sunday, October 24, 2004

Sunday. It looks like the dollar is continuing to get killed over the weekend. This should bode well for gold. I need to find a way to get a position. However, it is much too late. My only hope is for some type of pullback, remote as it seems. I am now looking to go in another direction. I have checked out Pfizer in the drug group and have an order placed for some December calls. They are priced for the stock to fall a bit more here but it has already been smashed. The technicals are blown out to the downside and a bounce is certainly due between now and December. If Bush wins the election, and that's no certainty, then these shares should rise and the calls also in value. I'm not looking for the usual home run here. Just a simple bounce trade, hopefully, with a 100% profit. I am not taking a huge position here. It is very modest. But I think the idea is feasible and that it will work. I will have to remind myself that this isn't going to be a big winner. It is so tough to do. The overall market looks like it wants to continue down on monday also. I will be playing golf before the close so tomorrows posting perhaps will be late or not at all. The time changes in a week so one last round of golf before that happens. Also balance is important when dealing with the markets. You really need a break once in a while so you don't burn out. Your mind needs to rest so it can stay fresh. It is much better to trade with an open and clear mind than with one that has been so consumed with trading that it fails to see anything else. Don't get me wrong, the work must be done and kept up on a daily basis. But there is also time to take a break and get away from it all. You will need to know when you need to do it or else your trading will suffer. You can't run your brain at 100 miles per hour constantly without risking burnout. As much as I love to trade I also understand that there is more to it than just that. Balance is essential.

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