This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Tuesday, January 03, 2006
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...
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