Wednesday, October 14, 2009
The Dow took off to the upside today, gaining 145 points on average volume. Advance/declines were 3 to 1 positive. I dumped the OEX puts for yet another loss. It was around an 80% loss. This is shaping up as my worst year ever, since the early days when I did not have a lot of money and would blow up my account on a regular basis. Overbought and staying there. It looks like we are breaking a long term downtrend line on a weekly basis. That is bullish. Just how high can we go? Gold was flat and the XAU as well. ABX, GG and NEM were little changed on light volume. The dollar continued lower today. Inflation data out tomorrow morning. The gold shares did not participate on the upside today and with the dollar weaker that is a surprise. We'll see what happens tomorrow. Mentally I'm a bit tired, did not sleep all that well. It was another losing trade closed today. The story of my year. I'm down over 30% so far for this years trading. That could be it for me this year. Nothing is working at the moment. It's only the middle of October. I guess I'll have to take a step back and re-evaluate where to go from here. My confidence is shot at the moment. That doesn't help things. We'll see what happens tomorrow but we can't go up forever, can we?
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