This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Thursday, September 22, 2005
The Dow gained 44 points today on heavy volume again. Advance/declines were negative though and new lows have just overtaken new highs. Not a good sign going forward but I bought some GE October calls today. Why? I think we are getting oversold here both short and intermediate term. My indicators show that at least some type of bounce is due about now. I haven't risked a lot of money here and I really want to go out to November. But maybe I bought too many as the commission cost is over 10% of the trade capital. We'll see what happens. Could be wrong and wouldn't surprise me if it was. But again, we'll see. Gold lost a couple bucks and the XAU was down a point. NEM held in there pretty good and there seems to be people to buy the gold shares when they fall. Might have a flag forming on the daily chart implying higher prices. Or it is building a minor top. Don't know. I still wanna get long there if we go sideways for a while. Mentally I'm concentrating more but need to be a little more calm during the trading day. Habit and routine are coming back but not where I want them yet. Working on it.
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