Wednesday, October 05, 2005
The Dow sunk over 120 points. Advance/declines were over 4 to 1 negative and the volume was heavy. I thought we would get a little pullback here but this is more than I expected. Something is going on here and I don't know what. GE was down a bit but the options don't have a bid anymore. They're dead I think. Unless we get an amazing turnaround. But when it's this negative I don't know what to say. Sure wish I would have stepped up and bought the puts yesterday when I had the chance. But you can't go on what you wish you would have done. That's a losers game. At least my idea was right. Might try and get long before the employment report because we are going to be blown out to the downside. But I don't want to step in front of this. Might do it though. Gold did not move today but the XAU was down over 3 points and the puts there are looking good. Looks like gold could be heading lower here. Want to take the profit soon though as we are looking for support in the near term. Don't know for sure but I'll check the charts later tonight. Don't want to hold them forever and may sell them and then buy them back cheaper. Had an idea about getting long Pfizer but the market action here is very negative. Mentally I'm trying to do what it takes. But this is the toughest game in the world. Cannot forget that. My mind is coming back to the discipline it needs but tomorrow is another day. Gotta do the right thing. Will try and get long at the trendline perhaps. More work needs to be done tonight...
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