Tuesday, August 16, 2005
The Dow lost 120 points as volume picked up from yesterday. Advance/declines were almost 3 to 1 negative. Oil didn't move but the inflation number was a touch higher. Getting oversold here but they might just keep it down into expiration. Looks like we are breaking some support here too. Gold gained back what it lost yesterday but the XAU could not rally. This is not a good sign. I am still holding the NEM calls and they are still showing a profit. But perhaps today was the day to sell them. We opened higher and closed lower and that too isn't good. Volume also increased to the downside. I'm thinking it has to get going tomorrow or I blew it. Had a nice profit and there is still a chance a good gain can be had. But we are near short term support here also and if it is taken out I'm gone. We'll see what happens tomorrow but it isn't as promising as I had hoped. Perhaps today got all the sellers out but I'm not so sure. Should have listened to the signals but something tells me they will still run it up into the expiration. We'll see.
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