Tuesday, January 10, 2006
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...
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