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Wednesday, March 08, 2006

The Dow was up 25 points today on average volume. Advance/declines were slightly negative. We were down over 60 points and bounced. That's all I think this is for now. It is a somewhat confusing market here because we have collapsed on the summation index and McClellan oscillator but prices have held up pretty good. I don't know what to make of it. Perhaps will buy puts tomorrow if we get to the downtrend line. Gold got killed today, down over $12. My overnight orders got filled right away in the morning. I'm nervous but that is nothing new. The XAU ended down about 3 points and ABX was off around 50 cents. Amazingly the options are about where I bought them. The XAU has to close the week at 128 or above for that trade to work. It's at 126 and change. I really need to get out of that as soon as possible because there is a chance that the uptrendline will be broken. We'll know more in the next couple of days. I also might dump the ABX calls if they get profitable because I think we will move sideways and I can get them cheaper within the next couple of weeks. But it is just a guess. We do need to hold the line here and only time will tell on that. But this is the area to take a chance so we will see what happens. Mentally I'm a bit tired but it's manageable. Thinking that I have to check the charts thoroughly tonight. The time is now...

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