Wednesday, February 01, 2006
The Dow was up about 90 points today. Advance/declines were positive but not as much as an up 90 market would indicate. Volume was good. The Dow has broken through the latest downtrend line but the other indices haven't. If the Dow is leading us higher we could be near the end of the rise. I'm not exactly sure but who is, ever? I would like to get short here but there really isn't a clear signal. I think I'll just have to wait but we'll see what happens tomorrow. The XAU was down a bit but I didn't see that the puts moved too much. I guess I'll have to start keeping an eye on the dollar again. GE had a big reversal on heavy volume and that helped turn things around for the Dow. Not that I'm going to play GE again anytime soon. I would like to do something before the employment report but who knows? I need to play it smart and that is not always the thing to do. It sounds like it is though. I guess I could try and be patient and wait for a move to 1300 on the S&P 500. It is tough to try and trade on mixed signals but the market will do what it wants. Mentally I'm doing good and got plenty of rest last night. However I need to focus on what needs to be done here. The discipline isn't what it needs to be. I'll work on it...
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