Wednesday, May 02, 2007
The Dow was up 75 points today on good volume. Advance/declines were almost 3 to 1 positive. We were up higher but sold off in the last hour. I decided to buy some SPX puts. It may not be the smartest thing to do, but it is done. The position is slightly in the black. I'm going on the rollover of the summation index for this trade. Although todays action could move that back to neutral. At any rate I will wait for the employment report on Friday and take it from there. Gold was down a bit today but the XAU and ABX soared. I guess I missed out again by not getting long ABX yesterday. I wasn't sure of the signal for the gold shares but I guess it was there. My fault for not taking a chance. They were oversold and the earnings for ABX were due today. They were not that good but the market liked something as it moved up over a dollar fifty on heavy volume. That is the biggest one day move I've seen in that issue. The XAU was up over 3 and a half points. I was paying attention and still missed it. And so it goes. Mentally I'm feeling fine. You have to keep moving in the game. There really are no excuses. It takes a lot of effort to be successful. There is no getting around it. I'm doing the work necessary and there will be other trades that work. Perhaps this SPX trade will be a winner. Time will tell.
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