Friday, March 03, 2006
The Dow lost about 4 points on lighter than lately volume. Advance/declines were negative. It wasn't a very good close. We were up over 70 points at on point. The volume was light and the advance/declines were weak. We also were at the recent highs. I should have had the guts to buy some OEX puts but I didn't. The signal just isn't there clearly. But after todays action, I don't think it needs to be clear. I think puts are the way to go here. I will check things out over the weekend. The McClellan oscillator will be key I think. The only problem is that we could just sit in a sideways pattern and that won't be easy to deal with. It's never easy. Gold was down a couple bucks and so was the XAU. I'm trying to be patient there and I will be, hopefully. It looks like we are trying to build a base here and that is my belief. I would like to make a strong play here because I think it has the potential to be a great trade if I can pull it off. But I don't want it to take up all my time because there will be opportunities elsewhere as well. But it is the main one I'm looking at, since the OEX is proving difficult at this time. Perhaps Monday will provide an opportunity to get short but it won't be as good as it was today I'm afraid. Mentally I can't beat myself up over missing out on a potentially good trade because you just have to keep moving on. I am trying to focus and do the things necessary for success. It should be automatic at this point but my mind has many other things on it right now. I need to take this weekend to get it together and come back with a definite gameplan on Monday. This is the most interesting and most difficult game in the world. I need to be up for the challenge...
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