Pageviews past week

Sunday, May 16, 2004

Sunday afternoon, S&P futures off fractionally, gold not moving. I need to come up with a gameplan for the week ahead. I suppose the NEM trade should get my full attention. I'm already in it. Monday will be important. NEM is right on the downtrend line that took a few weeks to build. If we can somehow get through it on monday, higher prices and a winning trade will be most likely. If we get turned back then the trade will probably be a loser. My thinking is that interest rates will back of from their recent highs, sending the dollar lower and providing a boost for gold. But time is of the essence, the options expire on friday. I need to be out by the close tuesday if we rally. That's a guess but I need to have it in my mind that time is not on my side here because it isn't. As for the OEX, if it goes higher early in the week I'll look to short it. If it falls early, I'll look for calls. It's a tricky proposition either way. It probably wouldn't hurt to wait until the June option cycle. But we'll see what happens. Probably won't have a lot of time to write here tomorrow as I'm playing golf after the market closes. But first things first, NEM tomorrow...

No comments: