Wednesday, April 27, 2005
The market sold off early and then made a comeback. We ended up about 50 points on good volume. Advance/declines were positive. The action is confusing to say the least. There is no clear direction. GDP is announced tomorrow. I have no idea how the market will react. GE was up about 20 cents today. I need to see a breakout above $36.50 on good volume to stay positive on this trade. But I just don't know. The technicals are overbought on GE at this point. It will probably be a loser. Gold lost $5 today and the XAU got killed on heavy volume. NEM reported poor earnings and got slammed on extremely heavy volume. Gold is dead I think. The break of the longterm trendline in the XAU recently sealed its fate. I'll have to look elsewhere for trades. But ya never know. No action in the dollar of late. It is a very frustrating market to trade right now. Discipline and patience are required. Nobody likes times like these but they are inevitable in the game. You've got to adjust and look for opportunities. I can't seem to find any right now. My brain is also on the slow side here for some reason. So I'm not adding any positions at the moment and I'm keeping an eye on GE. That's really about all I can do. There will be better times ahead.
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