Tuesday, April 24, 2007
The Dow rose 34 points today on heavy volume. Advance/declines were negative and the overall market was weaker. I think we are going to move lower here. A lot of media attention has been given to Dow 13000. Recently the overall market just isn't moving with the Dow. One of my intermediate term indicators is overbought. We'll see what happens. The economic data today was weak. Gold lost over $6 and the XAU shed a point and three quarters. I'm not looking to get long there at the moment and think that it is too late to short it. But you never know. Mentally I'm feeling OK. I need to get back into the routine of studying my notes and concentrating on making money. The weather has turned nicer here and my thoughts wander sometimes to just taking it easy. The discipline required for success is always necessary. The work always needs to be done if you want to have a chance. The choice is always up to you but if you're going to play, you've got to do the work and keep on top of things. It's not the summer just yet. I have no trades in the works but will need to find some. More economic data will be released this week and I'll take it from there...
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