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Wednesday, February 13, 2013

A mixed market today as the Dow fell 35 points while the overall stock indices were higher.  The advance/declines were positive and the volume was average.  The retail sales number was in line with forecasts.  The NASDAQ was higher and that bodes well for the bullish cause.  The stock indexes remain overbought and moving higher.  It is a momentum market to the upside and that hasn't changed despite the recent sideways action.  I'm still a believer in higher prices.  GE was up over 3/4 on very heavy volume.  Positive news from Comcast buying the GE stake in NBC Universal was the catalyst.  Of course if I had held onto the calls just one more day the profits from the call trade would have been much better.  But I have no inside information.  You cannot predict news that comes out of the blue.  Trading can be very frustrating at times and that trade, although profitable, fits into that category.  You've just got to keep moving forward.  Gold fell again today, down around 7 bucks on the session.  The US dollar finished the day little changed.  The XAU fell 2 1/4 and looks like it is on the verge of a breakdown.  ABX off 7/8, with GG and NEM lower by 1/3 or so.  Volume was heavy for ABX and light for the others.  My February ABX calls will expire worthless.  Earnings due for ABX tomorrow but nothing can save this trade.  Mentally I'm feeling kind of mixed at this point.  The trading so far this year hasn't been all that great.  I've sold the winners too early and held on to the losers too long.  That is the exact opposite recipe for success.  It is a pattern of failure.  I'll have to regroup and make sure that the next trade is a profitable one.  The stock indices continue to try and grind higher.  2 days left in February option cycle and then a long holiday weekend.  I'm thinking that we'll see higher prices going into the close on Friday.  We'll see what happens with the earnings form ABX and take it from there.  

1 comment:

Money Creators said...

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