Monday, April 11, 2005
This terrible site was down at the end of last week so the news of the 7th and the 8th was not published. I'm sorry but this blog site is a piece of shit. We were up on Thursday and down on Friday. We'll go from here. Today we lost 12 points on the Dow in a light volume affair. Advance/declines were negative. I am looking for more upside into the expiration here. I'm sticking with my idea that the recent lows will hold any downside for now. The market has retreated on light volume. That's a plus. GE is just hanging around. Still no bid on the April calls, so that will be a total loss. Unless there's a miracle when the earnings hit on Friday. But you can't count on that. Gold was up a couple bucks today but the XAU was off half a point. The weekly uptrend line on gold itself is still holding and the same goes for the XAU. I am looking to buy some gold calls tomorrow on any weakness. Looks like this time it will be NEM for various reasons. Perhaps will go out to June. Or purchase both May and June. We will see how it shakes out tomorrow. The dollar was weaker again today and the weekly downtrend line has held the advance once again. I'm looking for the dollar to be higher tomorrow as a best case scenario to purchase the gold calls. I'm not sure of this trade so the stop-loss will be tight. But then again, I'm not sure of any trade really. However downside tomorrow will set up an RSI divergence and the other technicals are oversold so this is as good a place as any. Looks like I'll have to be up early. I am in the process of buying a car so my mind is cluttered with bullshit when it needs to be focused on the trading at hand. I'll try my best. The market always comes first. It has to be that way to be successful. I'm trying my best but it isn't easy. However things will be easier, tradingwise, once the outside influences are taken care of.
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