Saturday, January 13, 2007
OK, I was pressed for time yesterday. Gold had a big move, up $13. The volume on the gold shares wasn't spectacular but it looks like a possible bottom is forming. This week will be key as candlestick dojis have formed on the weekly charts. The dollar is also coming up against some downtrend lines. So perhaps the next trade will be gold. Otherwise the market is overbought here and a pullback is in order. It is a short option expiration week, with a holiday on Monday. I really don't want to wait for the GE earnings on Friday but I might have to if we don't get any upside before then. This issue is overbought also. It's a tough call in a tough game. Mentally I'm trying to stay focused and do the right thing, the smart thing. But it isn't easy. This trade has lasted way too long for what it will bring, one way or the other. My discipline isn't where it needs to be yet. Sure, I have other things on my mind but the trading must come first in order to be successful. There are no shortcuts or excuses.
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