Thursday, May 12, 2005
The Dow lost 110 points on increased volume. Advance/declines were over 2 to 1 negative. More hedge fund nervousness. Oil and gold dropped also. My order for calls still did not get filled but it is close. Don't really know if I want them now. But sometimes you've just got to step up to the plate. 6 days until expiration so time is critical. Perhaps I will switch to something in the money. The XAU got pounded on heavy volume as the dollar hit a new high for the year I believe. The money is fleeing that market. I am glad to stand aside. Should have been short really. But I'm not losing any money over there. Sometime later this year that will be a good place to get long. I'll keep an eye on it. I guess I'll see what happens tomorrow but there may be something going on here that I'm just not picking up on. The volume has contracted this week and will have to pick up on the upside tomorrow for my scenario to play out. The expiration week sometimes gets dicey but I am going to stick with my bullish bias. Might be a little early though. Or maybe I'll just sit it out until next week. Tough game.
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