Monday, May 23, 2005
The Dow was up 50 points for a Monday. Advance/declines were positive and the volume was light. We are overbought and staying there. I think it is a good sign for the next few weeks. That said, we are due to pull back here and now. The last hour saw some selling and I think it will continue for the next few days. There doesn't seem to be a lot of sellers anywhere at the moment but that should change with a little weakness. Gold was down and the XAU up. I will be looking at ABX for July calls. That should give them enough time to work. The dollar was down today. Mixed signals. But I think the gold shares have sold off enough and I will be keeping an eye on them. GE is another story. I'm still fresh from getting burned in the last attempt to make money there. So I'm not so sure about GE. Moving along to my mental state, it really isn't exactly where it needs to be. The focus and concentration isn't what it needs to be. I'm trying. I'll have to stay on the sidelines until I can get it worked out. Yes, I'll be watching ABX but I really need to get my act together. I'm thankful at least that I can recognize that there is a slight problem. OK, maybe not slight but still there is something going on that I am having a hard time coming to grips with. I can't be as focused right now. But I need to be, there is no question about that. I certainly will not kid myself that there is nothing going on. There is and I've got to deal with it before I can really move forward with the trades again.
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