Friday, December 02, 2005
The Dow lost 35 points today on average volume, maybe a little light. Advance/declines were about even. Although the action implies higher prices, you never know. I'm still holding the OEX calls. I expect some weakness at some point next week but overall I think we'll see higher prices by the end of the week. After that, who knows? Gotta be careful. GE was down today and the volume picked up. Haven't bought the calls here yet and maybe I won't. Gold was down today as was the XAU. Really need to take a break here before I think about getting long again. There is a trendline about 5 points lower on the XAU and I guess I'll wait for that. Employment report was as expected and we did not get a lot of movement really. Not sure what to make of that but it is out of the way. Mentally I think I've got a handle on things here but I don't want to be too aggressive either way. I'm still on the year ending in 5 theory and so I want to be long into the expiration. Don't know if that will hold up but it should. I'm getting more focused and I can see that there is plenty of things to do here, marketwise. I need to stay on top of things regardless of the holidays. Summation index still pointing to the upside and I'll stay in tune with that. Trying to get enough rest and the weekend is here. I'll try and relax...
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