Tuesday, October 18, 2005
Today we lost over 60 points on increased volume. Advance/declines were over 2 to 1 negative. We are going to head back down and test the recent lows and it doesn't look like they will hold at this point. I had a chance to get short early this morning but did not take the chance. I should have. The only good thing I can say was that I at least dumped the calls yesterday. The losses would have been greater if I had held on. GE has held up well lately and when this thing comes back GE could be a relative strength leader. Or we could just completely fall apart and it won't matter. I still believe in the year ending in 5 theory and I think we will be positive by December 31st. Gold was down a bit and the XAU lost over 2 points. I need to see where that trendline is because we could get there shortly. Hopefully it will hold, time will tell. I probably will not attempt any more trades this week but ya never know for sure. Mentally I feel good about my view of the market and it has been right on lately. But I need to make some money with these ideas. I'm not too tired and there isn't much else on my mind now that the dentist is out of the way for now. I'm going to have to get back into the good habits required for success. I'll try and start tomorrow with the blue book. I've got to find the time...
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