Wednesday, February 15, 2006
The Dow rose another 30 points on good volume. Advance/declines were almost 2 to 1 positive. We might be about to turn up on the summation index. Then why do I have an order in for puts? Am I an idiot? Maybe. We are overbought on the 5-minute, 15-minute and 60-minute charts. I am looking for a drop off of that. And with 2 days left I will not get greedy and will take whatever profit, if there is any. This is to be a quick, short-term trade if at all. The new Fed chairman speaks again tomorrow. It could be a market mover. We are near the top of the channel. But on the negative for this trade we have broken the downtrend line on good volume yesterday. There is usually a snapback to the line violated. It could have been today but I'm not sure. We may just run up into the expiration, that is a possibility. Inflation data on Friday and I may not even be in this thing by then. I may also gain my sanity and cancel this trade tomorrow morning. I will have to check the closing data. Perhaps I am just ansy to make a trade before expiration. I should ask myself, is this the best trade to be making right now? Things to ponder into the evening. Perhaps long is just the way to go here into March. Mentally I need to get some more sleep. My mind isn't totally sold on this trade. Only 2 days left? I suppose maybe I missed what I could have done and should wait until next month. Always can change my mind I guess. I'll check things tonight and see what happens...
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