Monday, December 08, 2008
Continuing higher and breaking above a weekly downtrend line. The Dow up 298 points on average volume. Advance/declines 3 to 1 positive. Summation index higher. No sellers at the moment. Dips can be bought until further notice. That's my opinion at the moment. I believe that it's the right one. I'll be looking for calls at decent prices going into January. Gold was up $17 and the XAU rose 7 3/4 points. The gold shares are poised to break a weekly downtrend line as well. ABX, GG and NEM all up around 2 on OK volume. The dollar was weaker today and oil was higher. I may try the December calls here but we'll see. Friday was really the optimum day to purchase. GE was up a buck on good volume as the rally there continues unabated. Sold my calls there way too early but there still may be a chance for January. Any pullback can be bought in GE at this point. I could be wrong but it doesn't feel that way at the moment. Mentally I'm doing as well as can be expected. Should have acted on weakness Friday but did not. The focus wasn't there. The urgency was missing. The market has turned here and I've seen it before. I have somewhat of a game plan going forward but the concentration and discipline are elusive right now. I'll need to get it together before another opportunity passes me by.
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