Wednesday, May 24, 2006
The Dow was up 19 points today on heavy volume. Advance/declines were negative. The market is trying to find a bottom here I think. Don't know if it will be successful. The volume lately has been huge. Summation index is still pointing down. It has to turn around soon because we are headed towards the zero line. When the market goes through the zero line it collapses. Let's hope that doesn't happen. Gold got slaughtered today. Down around $35. The dollar was higher. The XAU was off over 5 points. Not bad considering. The volume in the ABX calls was very high. I don't know why but time will tell. I have no ideas what to do there at the moment. I'm on the sidelines in the OEX too. That's what happens when you start making mistakes and losing money. You might just miss out on other opportunities because your confidence is shot. That's where I'm at right now. So mentally, I'm a bit skittish. There is no rush to make more mistakes. That, is not a confident outlook. I'm feeling fine, got enough sleep and all. But I need to get back on track mentally and I don't know how long that will take. I'm going on vacation in July and it is only May. A long weekend coming up so we'll see what the 2 days before that brings...
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