Thursday, May 10, 2007
The Dow lost 148 points on good volume. Advance/declines were 3 to 1 negative. Of course the OEX puts I got stopped out on yesterday are showing a profit now that I don't have them anymore. Ahhh the joys of trading. What can I say? It happens. You've got to put it behind you and keep on going. It isn't easy but it must be done. We have broken the short term uptrend line and should be headed lower. The summation index will now be rolling over with some distance to it. How far will we go? I don't know. There is support for the S&P 500 at 1450 and for the OEX at 670. Those could be some targets. Gold got slammed today, off $15. The XAU lost over 4 points. The volume wasn't all that heavy here though. Gold is approaching important support at $660 to $650. It needs to hold here or there will be a bigger near term drop. I have no reasons, perhaps it's because the dollar isn't dropping anymore. Mentally I haven't gotten any good sleep lately and I'm a bit tired. But I'm not feeling too bad considering the recent losses. Of course, I'm not feeling good either. I mean really, what can I say from here? Trading is and can be one of the most frustrating things you can do. The work is non-stop and the timing has to be close to perfect. You always have to be on your toes. Options are even tougher because you have the limited time variable thrown in. It is never easy. But you keep at it because you know that somewhere down the road you will get it exactly right and that will more than make up for everything that leads up to that trade.
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