Wednesday, May 11, 2005
We gained almost 20 points on light volume today. Advance/declines were slightly positive. We were down around 80 when there was a scare at the White House. I tried to get long there and failed. Just was not quick enough. Too much on my mind at the time as I was just not focused enough. It sucks. I do have an overnight order in for some OEX calls but not sure it will work now. Expecting a down day tomorrow to relieve some of the RSI strength. But it is a guessing game at this point. The trade number was better than expected which is what I had anticipated. The dollar rose a bit and gold sold off early then came back. The XAU continued to fall. Might try something there but the volume has dried up and that is not a good sign for that market. GE was higher today and that could be a sign of things to come for the market. Or not. I'm still holding to the belief that we will work higher into the expiration. There was no hedge fund worries today but there is always a chance that could resurface. Summation index pointing up to higher prices and I will work off of that. I will probably get long on any weakness tomorrow unless it's a rout which I am not looking for. The ideal situation would be a retest of todays lows. I can hope, can't I?
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