This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Tuesday, November 07, 2006
The Dow rose 51 points today on heavy volume. Advance/declines were positive. We were up higher earlier but sold off in the last couple of hours. I dumped the OEX calls that I had. I certainly could have gotten a better price but I wanted to get out. It was originally just a bounce play and so that's how I played it. They closed higher than what I got for them and that's depressing. You always want to get the best prices for your trades even though that's impossible. I always want to do better. The gain was a little less that 200% and I don't think that's bad but I need to do better. Perhaps I should have held on since we are moving strong. But I am thinking that this will be a double top here and I have an overnight order in to buy some OEX puts. We will be overbought tomorrow as I have said before. I'm going to give the puts a try and keep a close stop on them and we'll see what happens. Gold was little changed and so was the XAU. I do want to get long here and we are just about at the uptrend line that began a couple weeks ago. I'll have to make a decision when we get there but I would like to get some calls. I don't want to spread myself too thin though. And if I'm looking for a decline in the overall market it could take gold with it. But it's all just a guess at this point as it usually is. The OEX call trade was a great set-up. I'm not sure that the puts are but they very well could be. I'm hoping that I didn't exit the calls too soon but that is possible. Mentally I'm a bit tired from not sleeping that good with the recent hot weather. I also don't want to think that I'm invincible after a winning trade. I need to keep grounded and look for the next opportunity. I think that it's here but I'm not sure and never really am. Is anybody? Maybe we'll get a bounce after the election or perhaps the rally will take off again. However for some reason I think what I'm thinking will be right this time so I'm sticking to it. We'll see.
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