Thursday, April 28, 2005
Down around 130 points today. Almost to the lows for the year. We are in a malaise. There is no way out. Volume was good and the advance/declines were 2 to 1 negative. GE lost 70 cents and my calls are dead. I put in an order to see but it wasn't filled. I'm out tomorrow unless there's a turnaround. There won't be. This trade was a loser from the start. It never showed a profit. It is stupid to own calls in this atmosphere. I could have gotten out earlier in the week with a smaller loss but did not. My own fault. GE has been range bound for about 3 months and will break to the downside if anything. But what can you do? You take the loss and move on. It isn't easy. But it's gotta be done. The XAU keeps dropping and that market is finished. Oil is dropping. The dollar is going nowhere. In this environment how can you make any money? Should be short if anything but the technicals are already oversold. What can you do. Sometimes you just have to head for the sidelines. I suppose this is one of those times. I guess I should be thankful that I don't have a lot of open positions. But the trading has got to get better. It can't go on like this. I wish I had a clue as to what to do but I don't. I will need to get my head straight and go from there.
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