Pageviews past week

Tuesday, November 04, 2008

Overbought and staying there as the Dow gained 305 points on average volume. Advance/declines were about 4 to 1 positive. I expected a pull back and it didn't happen. We went straight down, will we head straight up? Not forever. Summation index higher and I think we can all agree that a bottom is in. I'd expect some follow through tomorrow morning but after that we need to take a rest. Perhaps the employment report will be the catalyst for that. Gold had a stellar day as the dollar got pounded. The yellow metal rose $30 and the XAU tacked on 12 points. The bottom has been seen there as well. ABX, GG and NEM all rose around 3 bucks on good volume. What can I say except that I missed this move in the gold shares? Frustrating to be sure but it's the nature of the game. Too late now for this part of the move. GE had a good day, up 1 1/2 on heavy volume. The options aren't moving much though. It continues to be puzzling. I'm pretty sure that I'm going to dump the calls I own tomorrow and try and buy them back cheaper in a few days. That's the thought process at the moment. Mentally I'm doing OK. Trading is the toughest game in the world. I can't think of anything more challenging. The effort required to be successful is beyond most and at times beyond me. At least I know the facts about that and don't try and fool myself. I've missed some good opportunities lately but I also haven't been in a position to let myself succeed. That is changing as I now hopefully have the proper mindset and time to do what is required. We'll get the election out of the way and go from there.

No comments: