Thursday, November 10, 2005
The Dow rose 93 points today on good volume. Advance/declines were positive. You just can't keep this market down at this point. That said, we are way overbought and a pause is in order. GE rose big on good volume and there is a bid to my calls again. Nothing short of a miracle really. Six days left and maybe they can even get into the money. Not totally blown out to the upside on GE but you never know. Gold did not do much today even though the trade deficit hit a monthly record. The XAU opened higher and then closed off over a point and that isn't good. The NEM calls I bought yesterday have lost half their value. Tomorrow is important for the XAU to bounce back. If it doesn't then I'm dead with these and it just goes to show you that you NEVER chase a move. It just doesn't pay off enough. I should know this by now. Once in a while it will work but it usually doesn't. You get what you deserve sometimes. The XAU uptrend line continues to hold though so we shall see. I'm not feeling good about it though. It is a tough, unforgiving game but the rewards are sweet if you can make them happen. Mentally I'm trying to keep it together as usual. Feeling a bit tired but there is still a week to go in the cycle. Never did get a chance to get some OEX calls. We are up against a downtrend line that is quite a few weeks old. If we somehow get through it in the next few days those GE calls might actually work. Remains to be seen. Bond market closed tomorrow but we do need a rest. We'll see...
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