Thursday, April 14, 2005
Well, sometimes you're just flat out wrong. Such is the case with the gold trade. More on that in a bit. The Dow lost another 125 points today on heavy volume. Advance/declines were over 3 to 1 negative. The summation index has turned back down and we are going to go through the zero line. Watch out! Trouble is on the way. GE lost ground and I don't think the earnings even matter at this point. It's heading down. I probably should have dumped the May calls today but I'll be out tomorrow I think, no matter what. If I can even sell them. Crazy game and after this week I will have to reassess exactly what the hell I am doing. The year ending in 5 theory doesn't look like it will work. Gold lost $5 today, the dollar was up and the XAU got clobbered over 3 points. I dumped the NEM June calls for around a 30% loss. Just had to get out, the weekly trendline has been solidly broken and I should have listened to my gut. But that's the price you pay to play the game. You're not always going to be right. Losses are part of the game and you've got to move on. However I don't have any good ideas at this time. Everything that I assumed was correct is wrong. I've got to regroup and come back better than the last couple of trades. We'll see about GE here in a few hours. I can't think of anything good that is going to come of this in the environment we are in at this time. Must bail out.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment