This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, March 31, 2006
The Dow lost 41 points to end the month today. Volume was average and the advance/declines were slightly positive. We have been moving sideways for a while now. I don't foresee any big moves anytime soon but what do I know? Not much. Gold was down around 4 bucks today and the XAU lost a point and a half. I bought some NEM calls on the pullback. I'm believing that the gold breakout was for real and I expect gold to go over $600 before the options expire in 3 weeks. I could be wrong, as I was earlier in the week when I sold the ABX calls at a substantial loss. I did say that I needed to take a break but I now feel the opportunity is now. Sometimes you have to be flexible. I could be entirely wrong on this trade and will sustain heavy losses. I also could be right in my assessment of what is going on. Trading is not an exact science. I believe in what I'm doing and we'll have to wait it out and see what happens. Mentally I need to get some rest over the weekend. This has been a tough week. But I am trying to stay focused and do what needs to be done. I am taking a risk here and I will do my best to make it work out the right way. The markets will do what they do. I think I'm doing the right thing here. Time will tell. I'll check the charts over the weekend and start all over again on Monday.
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