Tuesday, May 16, 2006
The Dow was down 8 points on light volume. Advance/declines were slightly positive. I was having quote problems again today. Did not put in any orders. I feel we will have a good upside day at some point this week. However we need some weakness in order for me to try and play it. The inflation number today did not do much for movement in the market. We'll see what happens tomorrow. If we get some weakness then I might get some calls. If not, I'll have to stay on the sidelines. The XAU was off a point and a half as gold actually rose over 8 bucks. I'm going to have to let things sort themselves out over there in gold. I think we've seen the top for a while but I will want to play that commodity again at some point. I didn't get much sleep last night but I'm not feeling too bad. Mentally I'm OK for now. I'll have to do some reading and more work tonight. I am going to try and not force the issue here. If a viable play comes up in the next 3 days, I'll do it. Otherwise I will have to wait for the June cycle. Sometimes you have to remain patient and it isn't easy to do. But there is no reason to take on a lot of risk here. The play will be to the upside via OEX calls if the opportunity presents itself. Not much more than that. Perhaps if we go up first, I'll short the last day this week. But I really would like to see the weakness first and then get the calls.
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