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Wednesday, February 09, 2005

Movement today as the Dow lost over 60 points on average volume. Advance/declines were almost 2 to 1 negative. No news so there was no reason to buy. Trade number tomorrow. Gold went nowhere today as did the dollar. The XAU was up a point. ABX gained about a quarter. I predict there will be some action tomorrow, however I do not know which way we will go. A possible bullish candlestick pattern has emerged on the gold charts. But it could be negated with a down day tomorrow. The dollar is stalling out at around 85 as I think the resistance is here. So it will be interesting to see what happens. One of the call positions is showing a slight profit, while the other is trying to come back to breakeven. I have over-leveraged this trade and that is not a good thing. But what can you do? It's too late now. Just can't afford to make the same mistake again. We'll just have to wait and see what the trade number is and how the markets react to it.

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