Friday, April 01, 2005
The Dow lost another 100 points on heavy volume. Advance/declines were about even though. Interesting. Oil was the cause as it hit a new high. The employment report was weaker than expected and we rose early. But the gains would not hold. GE was down 50 cents and there is still no bid on the April calls I own. I have a GTC order to dump them if a bid surfaces. Doubtful. It looks like the year ending in 5 theory isn't going to be valid. Gold was off a couple bucks as the dollar showed strength. However the XAU rose a bit but was mixed with ABX down and NEM up. Mixed picture and confusing there. I was thinking we would have an up day today and turn this thing around in the overall market. But it was not to be. Next week should be interesting. I hope we don't collapse. My thoughts are not clear at this point and I should probably just be out of the market at this time. The GE May calls have lost a little of their value but they have 7 weeks left and I am thinking we will get going to the upside within that timeframe. Plus the earnings will be out in that period so all is not lost yet. But it could be and therein lies the problem. I will try and relax for this weekend but it won't be easy at this rate.
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