Wednesday, September 28, 2005
Dow up 16 points on average volume again. Advance/declines were about even. We now have a short term overbought signal. I don't think that it is worth shorting. Gold was up 6 bucks and the XAU rose over 2 points. I would like to short the XAU or NEM but I just can't bring myself to do it yet. The volume keeps going in to the upside but we are overbought and have been for a while. The more prudent play might be to wait for the pullback and then get long. We'll see. GE was down a few cents on average volume. Options aren't moving. This trade isn't looking too good at the moment. Mentally I didn't get a good nights sleep so my mind isn't exactly where it needs to be. I am working on the day to day discipline that I used to have but is now elusive. Have to get it back to be successful. There are no shortcuts. Doing the best that I can but it isn't enough at this point. Have to correct that. I'll check the weekly charts tonight and see if a gold play is warranted...
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