Friday, October 14, 2005
We got a weak bounce today with the Dow up 70 points. Volume wasn't all that great but the advance/declines were over 2 to 1 positive. The daily candlestick chart looks constructive with a doji buy signal but that could change. I still am holding the OEX calls at a loss. Probably need to get out on Monday if we have any strength. I'll check the other numbers this weekend. Sold the GE October calls at around a 60% loss. Earnings were fine but the stock couldn't get moving that much in this environment. I guess it's better than taking a 100% loss but it still sucks. Gonna hold the Novembers for a while. The XAU sank early as gold was down but they both came back later on. Still going to get long the XAU or some gold shares when it gets to the uptrend line. Seems like there is interest in buying the gold shares on any dip. But for now I've got to focus on the overall market and specifically the OEX. I don't want this to turn into a big loser too. Mentally I'm tired and drained from the week. I could use a break. I really probably need to step back again and go over just exactly what is going on here. This is the toughest game in the world and you just have to be mentally prepared to deal with it. But for now it's time to rest and regroup for next week.
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