Friday, May 12, 2006
Dow down another 120 points. Volume heavy and the advance/declines were 4 to 1 negative. I hate missing moves. Lost opportunities kill me more than losing money. I don't know why. It was there and I just wasn't paying attention enough. My mind had been in a funk and I don't know why. It pains me. Tough game. Gold was down $10 today and the XAU was off over 6 points. I think this is the top there for a while. The technicals say yes but the volume has not confirmed this. I might try and go out to the June options here. Not sure. Maybe should just stay away from gold for a bit. We'll see. My next move will probably be to catch the bounce from the oversold condition that we are now in. I'm looking to buy some OEX calls on Monday and dump them on an upmove on Tuesday with the producer price index. There is an uptrend line that should be hit on Monday and that is where I might take a stand. Could be dangerous or it could be just the right move. Hard to say when we drop like we have here. Mentally I'm frustrated and pissed off about missing the move. Can't dwell on that though or I'll miss the next one. Hard to do. You really have to stay focused at all costs and that is a lot for anybody. But if you want to be a pro you need to act like a pro. There are no excuses...
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