Thursday, February 01, 2007
The Dow rose another 52 points today on good volume. Advance/declines were almost 3 to 1 positive. The volume was good. Employment report tomorrow. We are overbought here but it can stay that way and it does sometimes. I'm not looking at puts just yet but there may be an opportunity next week. Gold was up another$5 today. I sold out a day early. ABX had a great day and was up around 70 cents on heavy volume. It is breaking through some resistance at the moving average line. I will look to get the calls again on a pullback if there is one. But I clearly blew it on this trade as well. The volume came in today. Now there was no way that I could have known that but there were over 2 weeks left on the options. I really didn't need to be in a hurry. I think the carryover effect of not getting out on time with the last trade influenced my decision to sell yesterday. Each trade is unique. Gold is overbought here. I almost got some NEM puts which would have been a good thing at the time but I did not act on it. It was to be a very short term deal. I suppose that now I will simply wait until next week and get some ABX calls again if the market allows. Trading is very frustrating sometimes and today is one of those times. The profit I could have made would have met my expectations. Instead, I made some money but am not happy with it. Mentally I'm frustrated and disappointed. I need to put it aside and keep on going here. My ideas are correct at the moment and I need to take advantage of them. It's a very difficult game. That doesn't change. I just need to keep at it and get better, as usual.
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