Pageviews past week

Tuesday, July 27, 2004

I bought some NEM August calls.  I have the 40's.  I placed a couple orders overnight for August and September NEM calls.  When I got up this morning they weren't filled.  The August ones got close but I had put in orders that I didn't think would get filled unless there was a perfect storm.  Gold was down a few dollars.  The US dollar was stronger.  I watched and waited.  Halfway through the session the XAU and NEM started to rise.  I figured with the earnings coming out on NEM tomorrow maybe I should pick some up.  I waited for a pullback.  It never came.  Others must be thinking what I'm thinking.  I decided to just buy some calls.  Somewhat chasing the move, however this move might just be getting started.  Had I been quicker to realize what was happening, I could have saved a few bucks.  Both the XAU and NEM had a one day reversal.  We will see if it's for real.  Looks like it could be a bottom on the daily charts.  I will say the fact that the earnings for NEM come out tomorrow influenced my decision.  That and the market action today and the technical oversold levels of the XAU and NEM.  We'll see what happens.  The overall market has rallied today with the Dow up about 135 points right now.  Advance/declines are positive but not extreme.  Volume is pretty good.  Is this an oversold bounce or the start of something real?  I'm thinking oversold bounce.  Fridays GDP is key I believe, for this gold trade and the markets.   End of the month too.  XAU still rallying here and is up a full point.  10 minutes to go.  We'll see what tomorrow brings...


No comments: