Tuesday, March 01, 2005
Up over 60 points today on good volume. Advance /declines solidly positive. It has the looks of wanting to break to new yearly highs. We shall see. I'll try not to short it here. Greenspan is speaking somewhere tomorrow and the market may key on that. Don't know. Gold was down over $3 today and the XAU lost over 2 points. I suppose a short term top is in place, perhaps even a significant one. But I'm sticking with the short term scenario unless the dollar really starts to rally. I've got support at 95 for the XAU and 24 for ABX. ABX lost over half a point today. The calls I had dropped. I am still fuming over not getting better prices for them yesterday. I suppose I was lucky to realize what going on and at least got out of them. But there is no glory. I should have done better. The results were about a 300% gain for the March calls and around a 320% gain for the April ones. The Aprils were bought just at the right time as I was a bit early for Marches or the gain would have been more. I have turned around the mistakes of the end of last year and January. The account is in the black. That doesn't mean it's easy street from here on out. It just means that that was a decent trade. And that trade is over. It means nothing now. The next trade is the one that counts. I am working on what that will be. GE has lagged here which makes me wonder just how good this rally can be. But if we push through 580 on the OEX, it should be up, up and away. I see no real good set-ups right now, so I have to be patient. I will get long gold again if we get to what I deem support. It is a battle to play this game. I hope I'm up for it.
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