Tuesday, April 17, 2007
The Dow gained 52 points today on average volume. Advance/declines were negative though and the overall market was weaker. The data came in goldilocks form and we traded higher. I dumped the SPX puts for another loss, around 50%. Not a lot of money in this trade but I have been on a losing streak. 3 days before expiration and I'll do my best to just sit it out. We'll see. Gold was down a couple bucks and the XAU lost over a point. Volume was lighter than lately there so I still think the trend is up. The dollar keeps falling and I would have thought it would lead to a better move in the gold shares. But that hasn't been the case for a while now. As usual the battle in the market is with myself. I tried to press things here the past few days and I paid for it. Sometimes you have to be patient and listen to what the market is telling you. Usually, I can do this. For some reason lately, I haven't been able to and it cost me. I will regroup and return. Mentally, I'm frustrated. Losing money is not what I'm here for. However it is part of the game. You've got to be able to put it behind you and move on to the next trade. I don't have any new ideas at the moment. Perhaps I'll put on another trade before the week is out but I probably shouldn't. Earnings looked good after the bell so perhaps we'll get another shot to the upside tomorrow.
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