Wednesday, May 26, 2004
Half hour to go. Market not doing much today. Choppy action, running in place. Advance/declines solidly positive though. We are getting overbought but the options are still pricey. Waiting this week out should be the course of action. Gold was barely up and a doji has appeared on the futures after an uptrend. My hope is that it takes a rest here for a while. The ideal situation would be a pullback again to the weekly uptrendline on the XAU. But the markets hardly ever accommodate the ideal. NEM is down around .25, while the XAU is flat. I will be looking to buy calls on a pullback. As always timing will be the key and the most difficult thing to do. Long holiday weekend coming up. Tomorrow should be the last day this week for serious money. GDP revision comes out. So I should take it easy. Observe and recharge my mental batteries. Let this month finish and have June begin. I suppose it is best not to burn out on the trading. It can eat you up and affect other areas of your life if you're not careful. You have to be aware of what's happening in the trading world but it doesn't have to consume you all the time. You gotta pick your spots. Taking a mental break is good. Sure, you eat, live and breath the markets. However there is room for other things. And clearing out your brain once in a while will make it fresher for the trading days ahead. So I will go ahead and relax for the rest of this week and the long weekend. But always on the lookout for new ideas and the next trade...
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