Monday, June 27, 2005
The Dow lost 7 points today on light volume. Advance/declines were about even. Really expecting a bounce here but for how long I don't know. Summation index pointing down but we are oversold on a short term basis. Gold itself lost a little ground today. The XAU was down a point. I'm still looking to get long here but I'm not exactly sure it will work as much as I thought last week. I'm going to give it a go anyway. I'll look at NEM at $38.50 which is about 75 cents away. Could be tomorrow. However the technicals are overbought and that makes me wary. Tough call but the previous volume pattern implies higher prices. We'll see. Back to the overall market I would like to get some OEX calls for a short term play but the risk/reward doesn't seem to warrant it. It's hard to stay on the sidelines sometimes and this is one of those times. Fed meeting this week and an announcement on Thursday. That comes into play also. So it never gets any easier in the game as the questions continue with no solid answers. Mentally I'm getting it together slowly be surely. I suppose what I need to do is see things as they are and not as I would like them to be. It's not really what I want to do though. But it's got to be done. It will clear things up so I can devote my mind to what needs to be done here. Choices have to be made. I can only control what I'm doing. This game is tough enough as it is. I don't need the mental baggage that I'm carrying right now. What can I say? It has got to be dealt with before it gets any worse. Perhaps this week will be it. It's up to me I guess but that doesn't make it easy.
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