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Tuesday, January 17, 2006

The Dow lost 63 points today on OK volume. Advance/declines were almost 2 to 1 negative. I had an order to get some OEX calls but it wasn't filled. The timing looked right and it would have had a profit by the end of the day. I just didn't act fast enough. But the signal here isn't the greatest. And I'm still holding a losing position in GE, which could turn into a disaster if I don't cut the loss here fast. I don't think I want to wait for the earnings. After the bell today a few major companies have disappointed and the market is getting slammed. GE will no doubt be down tomorrow. I have to rethink the gameplan from here now. Perhaps a long position in the last week is the wrong position. A solid buy signal is possible for Thursday if everything falls into place tomorrow. But maybe just sitting it out is the right thing to do. Because we will most likely set new lows tomorrow and break what I thought was support today. Tough game. I need to get done with GE somehow and not sustain a heavy loss. Time will tell. I'll need to check the support levels tonight. Mentally I'm feeling pretty good. Not beating myself up for missing the move today and in hindsight it looks like I can get those calls cheaper if I so desire. The GE trade looms though and I really don't want to wait until Friday. I have seen it work out before but the risk is really high. Might have to wait though with the weakness tomorrow. We are at the top of the S&P 500 weekly trading range and falling from there. That line seems to be key and we are not breaking to the upside. There is also a negative divergence in the RSI which I have noticed and may be influencing my hesitation today. Whatever the case there still should be an opportunity to get long sometime in the next 3 days for a profit. Whether or not I can do it is the question. I'll pick out some levels tonight and take it from there...

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