Tuesday, March 22, 2005
I did not get a chance to post yesterday as I left a half hour early to play some golf. We were down about 65 points on heavy volume. Advance/declines were over 2 to 1 negative. The McClellan oscillator is way oversold and I purchased some GE calls for April. They are far out of the money. I am relying on the fact that we should start to at least bounce here. I also am counting on the year ending in 5 theory which reaches its low for the year in the first quarter and then has a pretty good rise off of that. My guess is we are at that point here. Gold lost over $8 and the dollar was stronger. All the gold shares lost ground. However we are approaching an uptrend line for gold itself and I might possibly get long when we reach that line. It's risky but I think it could work. I also might stay patient and wait for May on gold. Not sure yet. The Fed announces today in about an hour or so. I'll be back later. Every once in a while you've got to get out and clear your head to come back fresh in this game. That is what I tried to do yesterday.
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