Monday, May 08, 2006
The Dow ended higher by 6 points on light volume. Advance/declines were about even. I'm looking for a trade here but can't find one just yet. Fed announcement on Wednesday. Can't see much happening before that. Gold was down about $5 and the XAU was off around a point and a half. I'd still like to short this or some gold shares but the volume is still to the plus side. Probably best to step aside here but the RSI signal is a sell. Hard to buck the trend and I just got killed trying to. So I'm kind of in an indecisive mood here and that isn't good for profits. I really don't know what I'm going to do here but I don't want to do anything stupid. There will be money to be made here though, that is for sure. But my focus isn't completely there, the way it should and needs to be. I don't know why. Maybe it's still a hangover from the last big loss. maybe the markets just don't have anything for me here. Whatever it is, I need to get going with some idea for the next 2 weeks that will be profitable. I can't force the issue but I will need to pay attention. Mentally I'm not all there and that can be hazardous to your trading. I'm a bit tired from not enough good sleep. Perhaps that will change tonight. I'll have to look at the charts and see what I can find. Like I said before, would love to short gold here again but am hesitant. Hopefully things will get clear in my mind and I can go forward. Until then I will try and not sabatoge myself and my trading. A dauntless task...
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