Wednesday, October 19, 2005
Well I thought that the recent lows would not hold. I was wrong. The Dow opened lower, bounced off those lows and gained over 125 points. It was the best day in a while. Volume was heavy and the advance/declines were almost 2 to 1 positive. I'll now say the decline is over. I don't think we will go straight up but I do think the year will end positive. GE was up around 40 cents but my call options aren't doing much. I think this trade will work too. Gold got pounded today, down over eight bucks at one point. The XAU was down over 3 points but recovered. I almost bought some XAU calls for October when it was down there but did not. There are only 2 days left on them. Also looked at some OEX calls this morning but did not do that either. Just did not take the chances but in retrospect should have. I'm not a short term trader by nature though. I will get long when the XAU gets to the trendline and it got close today. Might take another week to hit it. We'll see. Mentally I'm trying to focus. I did read the blue book today and that's a start. I need to get a good nights sleep again and perhaps that will happen tonight. Otherwise I guess it's just a waiting game for now.
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