Friday, March 16, 2007
The Dow lost about 50 points on heavy volume. Advance/declines were negative. The inflation report came out a bit strong but the market did not tank. Options have expired so I expect the market action to slow down. I do not see any trend for April at the moment. As I said before I think we are in for sideways action. I'll simply wait for a decent signal if one appears and take it from there. Gold was up over 6 bucks but the XAU couldn't even manage a gain of a point. Volume was heavy in some of the gold shares. ABX didn't move and my options are where I purchased them. I'm going to keep these for a little while. I think that I'll know within a couple of weeks if these will be winners or not. The dollar was weaker today despite the inflation data. So there are some crosscurrents at the moment. Mentally I'm feeling fine. I learned some things this week that will benefit me down the road. There is no doubt that my experience in the markets will have positive effects on my trading. My ideas have been pretty good recently even if my trading hasn't been up to snuff. Knowledge is more important than capital. The money will come and I will be a much better trader as time goes on. My discipline has improved but there is still a long way to go. The weekend is here and it is welcome for a little break. The Fed meeting next week will take center stage and we'll see where we go from there.
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