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Wednesday, November 10, 2004

Up and down, mostly up and then flat at the close. That was the story of the Dow today. Advance/declines were positive, volume was average. The Fed raised rates the expected 1/4 of a point. And ho-hum was the day. GE was flat. I'm still looking to get some November calls there but not yet. Gold was off a couple bucks. The XAU was down a little less than a point. The dollar was up slightly. NEM was down and so was ABX, both on expanding volume. Hmmm, could the divergences be for real? The ABX puts I bought yesterday have doubled. Did I sell them? Of course not. Not that I'm greedy but if the divergence there is real, then ABX should drop some more. How far? If I knew that... The uptrend line is a point away. I probably won't wait that long but who knows. Perhaps a stop-loss order will be called for this time. It couldn't hurt. PFE was down again today. I really need to wait for December on that one. I'll try but you just can't tell in this crazy game. Patience and discipline. They are just 2 of the keys to unlock the door to successful trading. Tomorrow is a semi-holiday. The stock market will be open but I think the bond market is closed. Until then...

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