Wednesday, January 11, 2006
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...
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