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Tuesday, April 12, 2005

Turnaround Tuesday. We were down over 80 points in the morning. But then the Fed minutes came out and a rally ensued. Ended the day up 60 points on good volume. Advance/declines were positive after being 3 to 1 negative. That folks, is a one day reversal to the upside. We'll have to see where we go from here but I still say the downtrend is over. Probably will run this thing up into the expiration but there are no guarantees. Even GE was up a bit but not enough for those April calls. Earnings on Friday. Gold didn't do much and the XAU came down to support on a weekly basis. I placed an order for some June NEM calls. When the market started to rally, so did the gold shares. I modified my order to increase the buy price and somehow got a partial fill. Now I hate getting a partial fill but if this is the right time, I was lucky to get what I did. Of course nobody knows if this is the right time. I also later placed a GTC order for some ABX calls, going out to July. Don't know if I will keep that trade on. The dollar was higher today but sold off a little after the Fed minutes. I don't know if this gold trade is going to work but now is as good a time as any. Stop-loss orders will be in place tomorrow when I get the fills and I'll go from there. There is a RSI divergence in NEM that I am counting on working. None right now for ABX but there is also a divergence in the XAU. I'm not overly confident that this will work but there is a lot of time and things could go my way. I guess we'll see what happens the rest of this week, especially with GE. If the earnings cause a pop, I might just pop out.

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