Tuesday, February 28, 2006
The Dow lost 104 points on average volume today. Advance/declines were over 2 to 1 negative. We are perhaps going to reverse the summation index to the downside today. I'll know more when the McClellan oscillator comes out. The options haven't moved much though. I might get short if we snap back to the uptrend line that was broken today but it will have to be on light volume. We do have some divergences but the market has been pretty good lately so we'll see. Gold was up $7 today but the XAU lost over 2 points. Not a positive development on the gold shares front. I will get long when we get to the uptrend line at around 130. We are 3 points away. The volume has been negative there so it will be a tough call. I really would like a good signal somewhere. I'll try and be patient. As I said before after doing last years taxes, there were way too many bad trades last year. I have to not trade just for the sake of trading. Sometimes waiting is a good thing and other times you miss the move. Tough game. Mentally I'm doing fine but need to get my head back into it. I've had some time off and it isn't easy getting back into the groove. But the competition is not going to cut me any slack. I need to focus and concentrate on what has to be done to be successful. It isn't easy but I know what it takes and it's just a matter of doing it. There is no one to blame for the lack of effort but myself. So I've just got to do the work and put my best effort on the table. Anything less isn't worth the time...
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