Thursday, February 17, 2005
An 80 point loss for the Dow today on increased volume. Advance/declines were 2 to 1 negative. Could be expiration related. Or perhaps the start of something bigger. We will have to stay tuned. Greenspan blathered and blabbered in front of Congress again today. I don't think he said anything that roiled the markets. We were short term overbought. Gold was up slightly today and the XAU tacked on another point and a half. ABX announced its earnings and I guess they were better than expected. Up there 60 cents on very good volume. My calls are way in the black and now comes the job of exiting this position. And they have a month or 2 months left. The trend is still up for the weekly charts on this issue but the dailies are overbought. I should probably move up the stop loss order to lock in some profits. I'm going to hold the April calls for at least another month. The March calls are another story. Even with a month left, the RSI is almost to the top. This will be a tough call. We have reached the price target I had set and we got there fast. I might have to revise it upwards. However the point here is that what other good news can come out to push this thing higher? That's a dilemma. The dollar was weaker today and also has more room on the downside, weekly basis. There are no easy trades in this game. Win or lose it is a challenge. You do the best you can and I can live with that I suppose. But you can always improve and you can always get better. These are the things I need to do...
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