Wednesday, May 09, 2007
The Dow rose 54 points on average volume. Advance/declines were positive. It is a liquidity driven love fest. The Fed left rates unchanged and said nothing new. We bounced around after that in about a 100 point range. My OEX puts were stopped out for a 50% loss. Not a lot of money in this particular trade but losing is never good. We are overbought and definitely need a rest. But it seems like nothing can stop the market at this point. Oh it will change course eventually, however my thinking now is that it will run up into the expiration. But what do I know? Not much as my recent trading can testify. Gold lost $5 and the XAU was little changed. Volume there was muted. ABX is still holding on pretty good but it lost a quarter today. This will probably run up into expiration also but who knows? Mentally I'm frustrated. The small losses of late weigh on me. I haven't been trading well at all since the beginning of the year. Perhaps it is time to take a break. Even small losses add up and it isn't a pretty picture. You have to somehow remain focused and carry on. The market just wants to go higher. There was no good reason to try and fight that. My timing in was pretty good but the down moves quickly evaporated. In retrospect, I should have just stayed out. But it is always easy to second guess. I did what I thought was prudent and I lost. There is no getting away from that. Where do I go from here? That is the question...
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