Wednesday, March 12, 2008
A one day reversal to the downside as the Dow closed lower by 46 points. We were up around 140 at one point. Volume was good and the advance/declines were negative. After yesterdays stellar gains it wasn't a surprise to see some downside. It's where we go from here that matters. Was it a one day oversold bounce? I certainly don't know but time will tell. I dumped the OEX calls. The entry was good but he exit was horrible. Greedy? Tired? Just plain dumb? The gain was well over 100% in 2 days but it could have been better. I had a chance to do well but blew it. And so it goes. Gold was up $4 and the XAU was about unchanged. ABX was up 1/4 while GG and NEM were down fractionally. Was busy with the OEX trade and haven't been watching gold as closely as usual. Will check the charts tonight. Am leaning to the short side though even with the recent buy signal. Guessing the Fed will disappoint next week and there will be some dollar short covering. GE was up 60 cents on very heavy volume again. It's possible that GE is going to turn around here. That could bode well for the overall market. We'll see. Mentally, I'm spent at the moment. Tired and not happy with the OEX trade. But you've gotta move on. We quickly reached levels in the past 2 days that I thought would take a lot longer. I needed to make the adjustment but didn't. It's never an easy time or so it seems. But that's the nature of the game. On to the next trade.