The Dow lost 35 points today on good volume. Advance/declines were positive though. I'm getting mixed signals. Might have missed the opportunity to get short. I think that may be true as we are selling off in the aftermarket due to Google. I will have to wait for something solid if I'm smart about it. No guarantees there. Gold was down a bit but the XAU was up over 4 points. I think it was some end of month shenanigans. Might want to short it here but it is a freight train and it would be stupid to try. That said, a pause or correction is overdue and the technicals are all overbought. There is no rush to trade here. Mentally I'm a bit tired today and that isn't good for trading. Not much I can do about it though. Trying to remain positive about what I'm doing but that doesn't always work either. So for now it's a wait and see game. I would like to get short but who knows? Beginning of the month money flows should appear. If we can get higher here the next couple of days, I'll look for some puts. If not I guess I'll wait for a buy signal. Sometimes February isn't a good month and sets up for the rally into March expiration. We'll see.

The Dow was off 7 points today while the overall market rose a bit. Volume was average and the advance/declines were slightly negative. I would like to get short somewhere in here but I don't know if the market will accommodate me. We are overbought and a negative day will arrive this week. I would like to wait for Wednesday but who knows. Fed announcement tomorrow. End of month also. If we can go sideways into the 1st of the month, I can do it. Not a super strong sell signal yet but I think it can be. I'm going to be patient though. Lot's of time left for these options. I have an upper target in mind and when we get there I will have to think long and hard about it. Gold went to new highs today and I'm just here watching it. I do want to short it a t some point but cannot step in front of it now. Mentally, I think I'm ready for the next trade and will try and do the right things. I'd like to make it a good one. I'm getting plenty of rest and am not feeling too bad. I do have a dentist appointment later in the week but I should have a position by then. We'll see. I need to read the blue book and get ready. The time seems to be near and I have to be ready for it...

A rerun of yesterday, with the Dow up about 100 points. Advance/declines were almost 2 to 1 positive again and the volume was heavy. All things now look to point to higher prices. We are short term overbought though. I would like to find a place to get short knows? New highs are expanding and the summation index is pointing up. Perhaps I should just stay out. I will, for now. But next week will be a different story. Gold didn't move much today and the XAU was higher early but ended up just a tad. Watching it for now but no real gameplan there. Seems like there are some crosscurrents in the market here. I will have to check things over the weekend and come up with some ideas for next week. Lots of economic news with the Fed on Tuesday the most important I think. Perhaps I will get short before the announcement, if the market stays up until then. There will be a decent downmove at some point based on my indicators. When, is the question. Mentally I'm OK, not in peak condition but all right. I'm going to rest up over the weekend and get back at it Monday morning...

The Dow rose 100 points today. Advance/declines were almost 2 to 1 positive and the volume was heavy. I think we are about to get a short term sell signal tomorrow and we are just about at the downtrend line. Not sure what to make of this. Too early to get short I think and there is no signal on the summation index. I'm on the sidelines. Also GE cascaded to the downside and that is sometimes a forewarning of what is to come. But who knows? The XAU rose another 2 points today and that index just keeps going higher. Would like to short it but the money just keeps going there and I haven't exactly had my eye on it like I should. I need to pay more attention. Kind of lax this week since the expiration but that period is over. Mentally I'm a bit tired but nothing that should stop me from what needs to be done. We are entering a normally strong period of the end of month and beginning. So I'm on the sidelines. I think if things pan out I will get short before the employment number next Friday. I think GDP comes out tomorrow. Then there is the Fed meeting on Tuesday. So there won't be a lack of market moving events. I need to be disciplined and get ready to go. The money will be there to be made. The question is can I make it?

The Dow was little changed, down 2 points. Volume was pretty good again and the advance/declines were slightly negative. We haven't done much in the last 3 days, up about 20 yesterday. Don't know where we go from here but I'm going to wait for a signal either way. Gold was up about $4 and the XAU set a new high. GE has been steadily losing ground on heavy volume for a week. That does not bode well for the overall market, I believe. We'll have to see what happens. Yesterday was a nice little break but I need to get back in focus here. Mentally I'm a bit tired but hanging in there. The week after expiration is not normally the best time to trade due to the high premiums. Next week will be better and I will probably wait until then. I've put the last trades mistakes behind me and am going from here. It's what you have to do. Nothing will change what has already happened and I'm not going to sit here and lament. Looking for the next opportunity and hopefully I'll be good enough to take advantage of it. You just gotta keep moving because really, that's all you can do...

The Dow gained 21 points today on average volume. Advance/declines were positive. I think we will see some sort of bounce here but a weak one. The summation index hasn't turned down solidly just yet. Gold didn't do much that I could see and the XAU was flat. Might want to short that here soon but I need to start watching it closely again. A nice break for the weekend and the options a re all priced high now after expiration so I'll be on the sidelines until a decent signal appears. Still smarting after last weeks debacle but I'm not one to dwell on it now. There is a lot of time and money left for this year. Hopefully I've learned from my past mistakes. Hard to say but we'll see. No clear ideas at the moment. Would like to see a snapback to the uptrend line that was broken on a daily basis Friday. Might try the SPX instead of the OEX if I can afford it this time. We'll see. Mentally I'm trying to keep it together as usual. Not feeling too sorry for myself as that won't serve any purpose. Just have to dust myself off and keep on going. Taking off early tomorrow to go hiking so the blog may not happen. I don't think there is much going on this week. Fed meeting sometime before the end of the month. Just coasting for now but keeping an eye on things as it must be...

The market got pounded on expiration Friday. Down 213 points on heavy volume. Advance/declines over 2 to 1 negative. I sold the OEX calls for about a 40% loss. I'm an idiot. Had a gain yesterday did not put in a stop-loss order and I got what I deserved. Could have sold first thing in the morning for break-even and waited for a bounce that never came. Did not manage this trade properly, just like the GE trade. Must make the proper changes immediately or just stop. Should have had 3 winners to start the year and am left with this. Horrible. I must get better. Very disappointing. GE was down hard, over a dollar on extremely heavy volume. I was lucky to bail out yesterday and absorb the loss before it became a total loss. Again, I should have gotten out of the OEX trade also. The exact same thing happened with the first OEX trade when I did not sell out the GE calls that were profitable. If I felt the need to bail out of the one trade I just should have gotten out of the other. Terrible trading tactics and I really need to step back and get it right for a change. Stop-loss orders are now mandatory. They must be moved up as a profit takes shape. If I get stopped out, so what? I have seen enough times when the trade just goes the other way and I sit there. Many trades have been winners that have turned into losers. Too many. The discipline required has got to happen now or it just isn't worth it. The money is there to be made and my ability to get the right trades is there, they just aren't managed correctly. It's up to me to change that. I need to work on that. That will have to be the priority. It will make things so much easier on myself. I cannot take the torture that much more. I have to have the ability to move forward in the face of frustration. It isn't easy. The weekend is here, I'm tired and defeated for now. I am going to take it easy next week and try to limit myself to only the best trading opportunities. I want to limit the commissions. I have already overtraded and did a bad job at that. It's time to take a step back, regroup and rest...

Blog didn't publish. No time now. Sold GE calls at a 70% loss. Still holding OEX calls.

The Dow gained 25 points on good volume. Advance/declines were over 2 to 1 positive. I bit the bullet and sold the GE calls at a substantial loss of over 70%. I did not want to wait for the earnings tomorrow. I am puzzled as to why these things even had a bid, being 30 cents out of the money and a slow mover. The volume there was huge also. Perhaps the options market knows something. We'll see tomorrow. The stock was down on heavy volume today. I don't know what it means except that I screwed that trade up and should have sold out when I sold those OEX calls. Seems like I start every year with a big loser and then have to fight my way back. Luckily I have already made some money with the first OEX trade. I am still holding the calls I bought on Wednesday but probably should have dumped them today. They are showing a slight profit and I will need the market to open stronger to have a chance at getting some profit there. I think the decline is done for now but you never know what will happen from one day to the next. Certainly we could be down tomorrow and these could be wiped out. As for GE I really don't know why the premiums are so high with only one day left. The earnings must really carry some weight. Mentally I'm a bit tired and will be glad when the week is done. I need to remember to just take the good set-ups and not trade as much. I also need to set better targets and use the stop-loss orders. I am disappointed with my performance thus far and a loss in this OEX trade won't help things. Anything can happen on expiration Friday and I am a fool for still being in this trade. I had a decent profit today and did not take it. Greed and foolishness are a stupid combination. We'll see what happens tomorrow...

The Dow lost 41 points today on average volume. Advance/declines were slightly negative. The Japanese market got hammered and had to close early which spooked the markets here. That combined with the earnings coming in poorly led the sell-off. We were off about 75 at one point. I bought some OEX calls. I still think a bounce is coming but my timing wasn't that good. There is also a downtrend line in effect now and we are on the way back to it. I didn't put a lot of money in this trade because it really isn't a good set up. I probably should not have even taken this on with just 2 days to go. But if we can get through the downtrend line, it could be a winner. It is right about where I bought it and the time factor looms large. Again, I don't usually do trades like this so we'll see what happens. I still own the GE calls and that sold off and came back also. But they are way in the red and I will think hard about just cutting the loss tomorrow in front of the earnings. I do not want to take a big loss here but it is possible. At this point I will probably wait for Friday and hope to get bailed out. We'll see what happens tomorrow. That trade, in retrospect, did not work out from the beginning and I held on anyway. Those kind of trades have got to be dumped early. I need to remember that. Mentally I'm again having problems of talking to non traders who just don't get it. As much as I'd like to discuss trading with others, it's a losing proposition. People just do not understand what it is, what it involves etc. It is a waste of my time to try and explain. Yeah, it gets lonely when you're the only one but I now realize that it's better than dealing with those that don't understand. I guess trading is a solitary business and that isn't going to change. The battle is with oneself and the markets. No need to discuss this with others. Let them live their lives and I will get what I can from the markets and leave it at that. Less hassle that way and there are enough problems without creating any more. We see what happens tomorrow and if I'm up to the challenge...

The Dow lost 63 points today on OK volume. Advance/declines were almost 2 to 1 negative. I had an order to get some OEX calls but it wasn't filled. The timing looked right and it would have had a profit by the end of the day. I just didn't act fast enough. But the signal here isn't the greatest. And I'm still holding a losing position in GE, which could turn into a disaster if I don't cut the loss here fast. I don't think I want to wait for the earnings. After the bell today a few major companies have disappointed and the market is getting slammed. GE will no doubt be down tomorrow. I have to rethink the gameplan from here now. Perhaps a long position in the last week is the wrong position. A solid buy signal is possible for Thursday if everything falls into place tomorrow. But maybe just sitting it out is the right thing to do. Because we will most likely set new lows tomorrow and break what I thought was support today. Tough game. I need to get done with GE somehow and not sustain a heavy loss. Time will tell. I'll need to check the support levels tonight. Mentally I'm feeling pretty good. Not beating myself up for missing the move today and in hindsight it looks like I can get those calls cheaper if I so desire. The GE trade looms though and I really don't want to wait until Friday. I have seen it work out before but the risk is really high. Might have to wait though with the weakness tomorrow. We are at the top of the S&P 500 weekly trading range and falling from there. That line seems to be key and we are not breaking to the upside. There is also a negative divergence in the RSI which I have noticed and may be influencing my hesitation today. Whatever the case there still should be an opportunity to get long sometime in the next 3 days for a profit. Whether or not I can do it is the question. I'll pick out some levels tonight and take it from there...

The Dow was little changed, only down 2 points. Volume was about average and the advance/declines were positive. I would have liked to see some more downside action. I still think that we could have a nice week next week. I plan on getting long again on Tuesday when we re-open if there is some downside. Otherwise I might have to sit it out, which I don't want to do. GE was up a few cents on light volume. I need to get out of this. It is a loser right now. I don't know if I can wait around for next Friday and the earnings. I probably shouldn't. Gold was up again, around $7 and the XAU hit another new high. This is where the money is, not in GE. I should have stuck with my original idea of the January 120 calls. Foolish not to. It is easy to look back though. So here I sit before a long weekend with a losing position and no clear picture of where we are headed. Not the best of shape to be in. Mentally I need a break and I will get it. It will be interesting next week and I have got to be up for the challenge. More upside early is not what I want to see. A down day Tuesday will get me in but it isn't the most sure of trades. Perhaps I'll use my head and wait. Don't know. Otherwise I am trying to maintain a schedule and do the work that is necessary. I do have some loose ends to tie up over the weekend but I need to rest too. It is a demanding game and time out to recharge and get a better look at things is in order. It certainly will drain you if you let it. Gotta control yourself as much as you can. Not easy but again, you've got to do what it takes to be successful...

The Dow lost 81 points today on good volume. Advance/declines were about 2 to 1 negative. I didn't like todays action as I am looking to get long. It worries me that we have actually put in a top. I will have to check the option numbers tonight. GE was down over 40 cents and that trade is now a loser. I suppose in hindsight I should have gotten out yesterday. We are right at the 50 day moving average. If it breaks it I had better sell. Right now it looks like it's going to be a loser. Note to self: Do Not Trade GE again this year. It is a dinosaur and doesn't move enough. Trade the OEX and be good at that. We'll see what happens. Gold was down a bit and the XAU was also. Would like to short that as a top looks like it is forming. Need to keep an eye on it. Hard work though when my mind is focused elsewhere on losing propositions. Trouble. Mentally I'm a bit tired. I need to get the gameplan for expiration week. I did want to get long at some point but I guess I will have to wait for a signal. Perhaps on Tuesday is what I am thinking at this point. Producer prices tomorrow and that should be a mover. We'll see how the market reacts. I really do need GE to hold in here. I do not want to have to wait for the earnings to bail me out because something tells me they won't. Also to keep in mind is that the S&P 500 is up against a longterm weekly resistance line and has not broken through. I don't know if it can. I really need to be careful here and will try. Hopefully I won't do anything before the long weekend tomorrow. I think I can have the discipline to do that. Maybe dump GE if it breaks. Not sure but that trade doesn't look good. It moved sideways and never got going during this rally. That should have been the tip off but I'm a bit slow sometimes, especially when I have a stake in what is going on. Foolish...

The Dow rose another 31 points today on good volume, again. Advance/declines were positive. I don't know how much longer this can go on. Very overbought. We will have a down day in the next 2 days I believe. I sold my OEX calls. I'm early, I think but I don't want to ride them down and then go back up. I plan on getting some calls on any weakness in the next couple of days. But I could be wrong and should have held on. I also could have gotten a better price for them today. We will see what happens tomorrow. This is a strong market for now no doubt. The calls had around a 400% gain. I'll try and buy them back cheaper or move to another strike price. GE was up 20 cents today finally. Those options are barely profitable. Not so sure as to what to do there. The stochastics are moving to the top of the range. Would like to hold on until next week but those earnings could be a problem. On the other hand they could be a catalyst. Tough call but if we rally there to $36 I will seriously consider getting out. Gold didn't do much today that I could see but I was focused elsewhere and do not want to spread myself too thin. Mentally I got a good nights sleep and have some ideas on how to act before the expiration. We'll see what happens but everything looks like it is panning out for now. But you can never tell in this game and I will have to keep an eye on things...

Did not get here yesterday as I left as soon as the market closed. We were up good again on decent volume. I expected some downside today and we got it early but then closed unchanged. Volume was good again and the advance/declines were positive. I really wanted to see at least a few points down on the OEX because we are way overbought. The calls are still looking good and it looks like I might just have to hold them until next week. The summation index is still pointing up and the McClellan oscillator just confirmed the new high prices. I would like to sell and buy back but it doesn't look like the market will let me do that. Unfortunately GE isn't moving and that is a pain in the ass. I should have gotten out when I had a small profit because this trade isn't panning out. There is not enough movement in this issue to be bothered with it. That is my mistake. We are just about at the 50-day moving average again and perhaps we can bounce from there. Again, earnings don't come out until the final day of expiration next week. I'll have to do something but don't know what just yet. Gold was down a touch and the XAU was off a bit. Would really like to short it here but am already involved elsewhere. I don't want to take on too much early in the year. Trade number out on Thursday and that could be a mover. We need some downside because the market is getting overbought both short and medium term. I expect a nice upmove next week, which is a shortened one, at some point. Trying here to decide when to position for that. Not an easy task. Mentally I'm a bit tired from being out last night and not in the norm. Discipline remains the key to success I believe and I have to be here to have that. The next few trading sessions will be key to getting off to a good start this year. It's possible but not with doing what needs to be done: focus, commitment, dedication, discipline, proper rest, concentration and desire. We'll see what happens...

I had a dentist appointment yesterday and did not have time to post. The market was flat. Today we were up 77 points on decent volume again. Advance/declines were 3 to 1 positive. My OEX calls are doing nicely. The summation index is pointing up and everything there looks good. But that worries me. We are overbought. Now we could stay there but I am expecting some type of pullback next week. The question is whether to sell now and then buy them back cheaper or just hold on. I'll decide over the weekend. They do show a nice profit. GE isn't moving with the market and that bothers me since I have more money in that trade. It is slightly profitable. Another problem here is that the earnings come out on the Friday expiration. It hasn't broken out yet and it may not. Don't know what to do there. Gold got hammered yesterday but came back even stronger today on the weak employment report. The XAU is almost at 140. That would have been thought impossible a month and a half ago. Still bumming out that I don't have anything there. So there you have it for this week. It was a very good one for the longs. How long can it last? I don't know. Perhaps all the way to the expiration. I might play it like that. I need to go over things over the weekend and see what reports are coming out next week. Mentally I'm a bit tired. I am trying to do things right this year, at least to get off to a good start. I don't want to get too complacent here just because things are going my way. This can be a very cruel game. I'm going to have to pay attention and make some good decisions. Easier said than done. However it's the weekend and I will rest at least for a day and a half. I'll try and get my head together and decide what to do from here. It is never easy but what can ya do?

The Dow was up 32 points on good volume again. Advance/declines were over 2 to 1 positive. The OEX was higher and my calls are still in the black. GE was little changed although it was down for most of the day. The calls there are still showing a little profit. Gold was up a bit and the XAU tacked on over 2 points. NEM was higher too. The volume in gold still supports higher prices at this point and I am sorry that I have missed this. The money is going in there and that's all you can ask for. I can't chase it now though. The stock market needs a rest here and it will be interesting to see how the week ends. I should put in some stop-loss orders but I also think we could finally break out of the overhead resistance and if that happens I will actually make some money. But if it doesn't I will be a fool again. I'll try to not let that happen. Mentally I didn't get a good nights sleep and I'm tired. My mind is focused on what has to be done in the markets though. I will not let anything interfere with what needs to be done this year. I want to make this the best year ever. It can be done with discipline and keeping my emotions in check. Easier said than done...

The Dow rose 130 points today on heavy volume. Advance/declines were 3 to 1 positive. The market didn't do much and was negative in the morning but after the Fed minutes were released it rallied strongly. The OEX calls I bought have doubled. GE was down for most of the day but reversed late and ended up 30 cents. Now the question is if this is just a one day wonder or the start of a sustained move. I don't know. We are back at resistance. If we can get through there with some volume then we will go much higher I believe. Has yet to happen. Gold was up over $13 today and I am very disappointed that I am not involved. The XAU rose an astounding 7 points. NEM was up over $3. I had been considering the January XAU 120 calls and never acted on it. The price and volume patterns pointed towards higher prices and I didn't do anything. I had read an article that gold had reached a top and I let that sway my opinion. That was a mistake. I do make mistakes and missing this move in gold is one of them. You have just gotta go with what the market is telling you, whatever the market. I was a fool for this one. And I'm not very happy about it. Mentally that is gnawing away at me and I cannot let it affect what I must do with these other trades. I will try and stay focused. I have no targets for these other trades but I need to look at the charts. Stop-loss orders should probably be placed but I haven't done that yet. My priorities for the coming trading year must be put in order. I need to do the work and keep my head together. Everything else should fall into place...