Wednesday, May 04, 2005
The Dow rose over 120 points today breaking the multi-week downtrend line. The trend is up. Volume was heavy and the advance/decline line was 3 to 1 positive. All signs point to higher prices. I'll hope for a pullback to get long since I have obviously missed this move. GE barely moved and the calls I used to own did nothing. I did look at OEX calls last week and did not do anything. I can handle losing money, that's part of the game. But I absolutely hate missing out on opportunities. It eats away at me. Just missed another in gold here. The XAU continues to rise as does gold and I own nothing. I was looking at NEM but the relative strength is in ABX which I had stopped looking at. It is a tough trading time for me. I just booked my biggest loss of the year in that stupid GE trade. The market has broken out and my confidence has broken down. There's still some time this month to salvage something but it won't be easy. Especially the way my mind has been acting of late. I might just stay on the sidelines. Don't know for sure. The dollar was lower today and it looks like it will be headed down from here. Again not sure. Employment report on Friday. Gotta assume that the market will trend higher regardless of the numbers at this point. And so here I am wallowing in my own self pity about dumb moves and lack of conviction. That kind of attitude won't get you anywhere. The battle is always toughest with oneself. That is what must be conquered. It is not as easy as it sounds. It never is...
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