Wednesday, November 05, 2008
Settling out for the day as the Dow lost 490 points on average volume. Advance/declines were about 4 to 1 negative today. We were overbought and a decline was in order. I don't think it's the beginning of the end. Summation index still heading higher. Obama was elected as expected. The employment report on Friday is the next event. I can't see that as being a positive but you never know. So we'll see. Gold lost $15 and the XAU shed 3 1/3, which wasn't bad considering the decline in the overall market. ABX and NEM lost ground but GG was higher on the day. Volume was average. I'm not looking at any trades for the gold shares at the moment. GE lost around 80 cents on average volume. The calls lost some ground and should have been sold yesterday. Going out to December should help the cause. The volume pattern looks favorable there but todays price action wasn't. However the option pricing there remains dicey. I still haven't figured it out. Mentally I'm a bit tired, did not sleep as well or as long as needed. Again, the focus and concentration needed to be successful is huge. It's probably more important than a lot of other things when it comes to trading. Of course the technical analysis and other market work must be done. But if you can't do what you have to do, when you have to do it, it won't matter. It's at times a battle with yourself and there is no getting around that. I'm still working on it.
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