Tuesday, November 01, 2005
The Dow was down 33 points on good volume again. Advance/declines were negative. The Fed raised rates another 1/4 point. It was expected. I want to get long the OEX here but I'd like to wait a bit I guess. I think we'll see weakness going into the employment number on Friday. But I'm guessing. GE keeps dropping and soon there won't even be a bid on what I own. Another mistake. Gold went down another 4 bucks today and the XAU was off a couple points. We are at the moment of truth again for the gold shares and I'm not feeling good about it. I did buy some NEM November calls today because we are right at the trendline there also. The uptrend lines either hold or they don't and if they don't I'm out. With losses of course but you've got to take the risk when you feel it's right. Gold itself is at $460 and if it doesn't hold, I'm dead. This is where it has held before so we will see what happens. I'm not feeling all that confident though. And perhaps I've got too much money wrapped up in this gold idea. Time will tell. The fact that GE isn't working either could spell disaster for me. But there are 2 and a half weeks to go. I think now it's a waiting game until Friday so we will see. Mentally I'm not putting forth the effort necessary for success. It is plain and simple. Sacrifice must be made to be on top of things and I haven't been doing that lately. The blue book must be read every day and I haven't been doing it. My discipline is non-existent. I can't go on like this and have to get it together now. It is hard to do and my mind is just not into it. But it has to be. It is the only way. I need to shape up right now or I'm doomed. The effort must come back. The dedication and desire have to return or it's all over. We'll see what tomorrow brings...
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