Thursday, November 03, 2005
The Dow tacked on another 50 points today on good volume. Advance/declines were about even. We might be running out of steam here on a short term basis. We are right at the uptrend line though and that could hold for a while. Obviously I'm stuck without a clue. GE was up a bit but is not moving with the market so I will get screwed there. Gold was down 4 bucks and the XAU broke its short term trendline so I bailed out. I'm not happy. I would have liked to have the guts to hang on here but I couldn't. The volume wasn't there. I would still buy this back on more weakness and I will. The XAU calls showed a small profit, perhaps 30%. I dumped the NEM calls at the same time for a small loss, around 20%. There was less money in the NEM trade so it was minimal. I won't be buying this strike price back. So I'm stuck with a losing GE trade and am looking for a long entry on the OEX. Mentally I'm a bit confused but my overall thought was to bail out and wait to trade another day. I'm in need of a good nights rest and that should happen tonight. My trading is going nowhere at the time. I'm not pleased. The focus is coming back but the discipline is just not there. I've really got to get together. But it isn't easy. Tough game. Employment report tomorrow and it should be a mover one way or another. Until then....
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