Friday, April 15, 2005
That's it. The party, if there ever was one, is over. It is freefall mode. The Dow never got it going even with good news from GE and CITI. Down big, 200 points on heavy, heavy volume. Advance/declines super negative. I fear Monday morning. There is always a hangover. Passing through the zero line on the summation index and I own calls? What a moron. GE had incredible volume and was actually up thirty cents on a down day. But that won't help in a market like this. I had a chance to just get out and lose only the commission but I didn't take it. I was also buying a car today so I wasn't in front of the screen all day. My fault. GE was up almost a buck at one point and that is when I should have bailed. On a positive note the April calls got sold somehow. I put in a market order first thing in the morning and low and behold when I returned from the buying the car they were gone. It was a loss but not a total one. They must have matched up traders covering their orders. That's the only way it could have happened. Lucky, but I have come to notice when you trade like a pro the market makers treat you like a pro. Remember that. Gold was up a tad today but the XAU was down and down is now the direction there. I am really looking forward to taking this weekend to regroup, rest and get a load off my mind. Trading can be intense and that happens during option expiration week especially. Everything has changed and my original trading and economic scenario for the year was wrong. It is back to the drawing board...
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