Tuesday, March 22, 2005
Down again. The Dow lost 95 points on heavy volume. Advance/declines were over 2 to 1 negative again. I don't know what to say. I thought at least a bounce was due. It hasn't come. That makes me worry. Perhaps we are going to freefall. We broke an important weekly uptrend line today. We will have to see where the week ends. The Fed rose another quarter and said it was worried about inflation. That did it. GE lost fifty cents and the calls I have didn't move because they are so far out of the money. Perhaps this is a loser, it sure looks and feels that way. I do believe in the year ending in 5 theory as I explained earlier today. But we will have to turn it around soon. Gold did not move during the regular session but dropped after the Fed announcement. We are right at the long term uptrend line. It doesn't look like it will hold. That will change my thinking on a lot of things. But it hasn't happened yet. Interesting times. I'd like to have the guts to step up and buy some gold calls here but I'll wait until a base is built. Hopefully. Only 2 days left this week and I see no reason to buy stocks. We could be in major trouble here. We'll see what tomorrow brings...
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