This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
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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