Friday, January 13, 2006
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...
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