Friday, January 06, 2006
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?
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