Thursday, March 16, 2006
The Dow was up 43 points on good volume. Advance/declines were 2 to 1 positive. We are overbought and I wouldn't be surprised by a pullback. Expiration tomorrow and anything can happen. I have no trades on the horizon. There is an extra week in the options cycle for next month so the premiums will be inflated. Gold didn't do much today and the XAU was down a point. ABX did not move much, it was down a nickel. The options are showing a small loss. We have moved to overbought there as well and I suppose the most I can hope for is sideways action. I'm really hopeful that I bail out of that trade in a couple weeks because I am overleveraged there and that is a mistake. However, I was a believer in the trade at the outset and I still think it could prove to be a winner. Mentally I'm doing fine, plenty of sleep. I am simply concentrating on the ABX trade and that is where the focus will be. Next week will be pivotal because I can't afford to have a big drop in the shares. It looks OK on a weekly basis and the extra week could actually help me there. That's it for today.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment