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Wednesday, March 01, 2006

The Dow rose 60 points today on average volume. Advance/declines were over 2 to 1 positive. And so it goes. My intuition tells me that this is the snapback to the uptrend line that was broken. But most of the technical indicators are not supporting this theory. I hope that I have the brains to just stay out here but I don't know. We'll see what happens tomorrow. I should just be patient and wait for a good signal. Gold was up a couple bucks and the XAU rose 2 points. This has the potential to be a good trade when it happens and if it happens. But I need to wait for it and I will. Getting back to the overall market, I have seen that the beginning of March has been negative for the last couple of years. We are in that timeframe right now. Employment report is out on Friday. Could be a market mover but lately it hasn't. Perhaps that will change this week. But this is a guess as are most things when it comes to the economic releases. Mentally I did not get a lot of sleep last night but I'm feeling fine. I am fighting myself here to not get jumpy and trade just because I haven't in a while. It is a hard thing to do. Also I feel as if the market will roll over here but I could be wrong. The same type of action occurred at the end of last month and then the market moved higher. There is a lot of money floating around and it needs a place to go. Tough game and I don't like fighting myself. I also need a good trade to get my confidence back. Perhaps the sidelines are best for now...

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