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Wednesday, January 10, 2007

The Dow was up 25 points on average volume. Advance/declines were even. The market is just not going anywhere. It's sloppy and there is no conviction one way or the other. It is a tough trading environment. We need to do something here soon. It hasn't sold off as bad as it could have so maybe we can get a rally going. GE didn't end much changed after today. My calls are losing money. I haven't been stopped out yet. Looks like perhaps that I will have to hold'em until the earnings announcement. I sure hope not. The president will speak tonight and that could affect the opening tomorrow. Gold was off a couple bucks today and the XAU lost over a point. The dollar was stronger and has been for a few weeks. Oil is losing ground and is now below $54. Is this a sign that the worldwide economy is contracting? Time will tell. Tech seems to be the only area lately that is seeing any buying interest. Mentally I'm tired and still feeling the effects of fighting off a cold. This GE trade has taken way too long and is very frustrating. But I'm sticking with it for now, looking for it to break out one way or the other.

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