Monday, November 28, 2005
The Dow was off 40 points today on light volume. Advance/declines were negative. I do want to get some OEX calls but I want to try and be patient and wait for it to get back to the trendline. We'll see. I think there could be some more weakness later in the week but that is just a guess. Gold was up today to go over $500 for the first time in a long time. The XAU was down a bit however. Everybody is talking about gold and that worries me. Usually whenever the mainstream gets a hold of something it is over. I do want to get the January XAU 120's but I will not chase it here if I can help it. Tough call. We are way overbought and have been. I don't really want to do it now but we'll see. GE was down and it has a gap to fill but I'm not so sure here either because it too is overbought. Might do something for December but I haven't made up my mind. Very iffy prognosis for now but what can ya do? Mentally feeling good and there should not be anything in the way of progress at this point. That could change and usually does...
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