Tuesday, March 08, 2005
The Dow was down around 25 points on average volume. Advance/declines were almost 2 to 1 negative, suggesting more weakness than the Dow shows. There is support on the OEX around 580-581 and we closed at 582 and change. Now I can't say for sure which way we are going to go here. Most indicators are overbought but we all know that they can stay that way for awhile. Gold was up around $5 today. ABX and NEM were both up pretty good on heavy volume. My NEM calls are in the black. I am trying not to look back at the ABX calls that I sold last week but of course I must. Sure they are worth more now but at the time it looked like selling was the right thing to do. In hindsight, I probably should have held on to the April call since they had plenty of time left on them. I'll try and remember that for the next time. The dollar fell and is at support of 82. It should hold on here but there are no guarantees. The trade number on Friday will be a mover one way or the other. I'll probably hold on until then but the media is already talking about it so it might be a sell the news event. Gold is also $10 away from the resistance at $450. I we somehow can break through there, more money can be made on the long side of gold. I think we will get through there but I don't know when. For now it is a matter of holding on and paying attention. Gold and the gold shares are overbought here. Always decisions must be weighed and made. Making or losing money is secondary to trading properly and making the right decisions. That may not sound right but I really think it is. Trade well and the rewards will be there. Concentrate on the trading and the profits will take care of themselves.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment