Friday, August 11, 2006
My computer has been on the fritz and this is the first that I can post. There is no time for computer problems when trading. Your equipment must be reliable. The stress of not being able to do what is necessary due to hardware problems is uncalled for. Trading is hard enough, you don't need any extra hassles. The market lost 36 points today on light volume. Volume has dried up since the Fed on Tuesday. Advance/declines were negative. I think we are close to going negative on the summation index. However I did have an overnight order to get some OEX calls here but it was not filled. I canceled it when I got up this morning. I might try again on Monday. We'll see after things are checked over the weekend. This computer still needs to be dealt with. Gold was down the past couple of days and the XAU has lost around 6 points since I was last here. Not sure what to do there at the moment. I do think that calls could perhaps work on the OEX early next week. But I'm not totally sold on that idea. The light volume tells me there is no interest in the market at this time. The more prudent path could be to just sit it out another month and wait for a decent set-up. I don't know. Next week is expiration week and there will probably be some opportunity. Inflation reports are out on Tuesday and Wednesday. Also there was a major terror arrest while I was gone from here in the past couple of days. That influenced the markets to some extent. Technically we are moving to oversold short term and that is why calls on the OEX might be the play. We'll see. There is work to do over the weekend if I want to try a trade next week. I am slowly getting back into full market mode and that is what it is going to take to be successful here.
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