Tuesday, December 06, 2005
The Dow was up 21 points today but was much higher earlier and sold off at the end. This is not a good sign. Volume contracted going higher, another warning signal. Advance/declines were positive. My OEX calls are about back to what I paid for them and it doesn't look good off of todays action. The candlestick chart doesn't look good here either. I'm holding for now but I don't like the scenario. Tomorrow should be a down day. I don't expect a tremendous decline but time is running out and there is just a small window of opportunity, I believe. GE was higher and sold off to basically unchanged. The chart doesn't look good there now either but a play could develop. Gold was up a touch but the XAU rallied almost 3 points. Looks like a breakout and I did place an order for some NEM calls. Might be chasing it and that is deadly. Did not get filled but it is a market that really looks like it wants to go higher. Perhaps tomorrow if I get a chance but it's risky for sure. Mentally I'm tired and did not spend the day here and that has thrown me off of my routine which I don't think is conducive to good trading. I need to be in my office but I do have other responsibilities now and I am trying to juggle them. Focus and discipline must remain the keys and I cannot let anything deter me from my goals. The market requires the utmost attention and so that's what I have to give it. There are no shortcuts. I cannot let other things get in the way of success. That is the way it is. Anything other than my full attention is a waste of time and money. It's the truth, those are the facts and I must deal with them...
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