Friday, May 20, 2005
It was a very light volume expiration. The Dow lost around 20 points on negative advance/declines. Gold was down a few dollars and the XAU lost a point. The dollar rallied as Greenspan spoke of a housing bubble which could infer higher rates. Another cycle has ended. I can't say that I did a good job. I may enter a GE trade again if we get some weakness there nearterm. Not sure. Would like to get long gold but again, the trend there has turned and it might be best to stay away. I cannot get anxious. I have got to try and stay patient. Discipline must be exercised. It's hard to do but it must be done. Most likely it would be best to wait until after Memorial Day weekend before putting on the next trade. We also could be entering a period of sideways chop again. The summation index is pointing to the upside though and any plays should be to the longside. For now, the weekend is upon us and I will take it easy. Check the weeklies etc. I also need to look into the ADX indicator. Until next week...
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