Thursday, June 16, 2005
The Dow was up 12 points on average volume as we make our way to Friday of expiration week. Advance/declines were over 2 to 1 positive though. I'm still thinking upside here but no trades for now. The story today was gold as it broke out to the upside as I had hoped and was up $7. The XAU tacked on 3 points and NEM was up over a dollar on good volume. I sold my calls near the end of the day. I was waiting around trying to squeeze as much as I could from this trade and then just got the hell out. It isn't worth it for the last nickel or dime. But I always try and get the most I can out of my trades. It's the only way that I know how. There is still tomorrow but I wanted to get out because you really never know what can happen. Yeah we could be up some more tomorrow but I'll take what I got. Of course I wish that I had put more into this trade but that is always the case when they are winners. The profit was around 740%. The timing getting in was excellent as I can usually do that right. Getting out? We'll see what happens tomorrow. I will now wait for a pullback, hopefully, and look to get long again. There appear to be head and shoulders bottoms on all the gold shares and we have just broken out on good volume. I'm a believer here. We have also disconnected with the dollar which I'm sure has thrown some people off. So I will look for more profits in gold ahead, as the weekly charts are not overbought yet. I am pleased to have done well here but I was very close to getting stopped out yesterday near the end. It would have still been a money maker but not nearly as much as holding on was. Do not place the stop too close should be the lesson here. However you always want to protect profits before they become losses. Not an easy game, never is.
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