Pageviews past week

Thursday, July 08, 2004

Market down again today, Dow off around 70 points. Getting to be like a broken record. I didn't buy any calls but I sure wanted to. Advance/declines were negative and the volume picked up a tad. The McClellan Oscillator hasn't even gone negative in this whole decline. Don't know what that means but when it does go negative, watch out! We are oversold. Usually the market doesn't stay that way. At around 540 on the OEX. Possibly will buy calls in the 535 area. Must have the guts. A week left on the options after today. We'll see. Gold continued higher, up $5. The XAU was only up a point and change though. NEM was strong and up around 90 cents to about $42. Almost to the target of $42.5. Now do I get out at 42.5 or do I push it for more? Really should just get out. I can't expect gold to just continue to go straight up as it has the last couple of days. I expect some kind of pause tomorrow. The volume on NEM has picked up a lot, so I think this move is for real. Hopefully to last for more then a few weeks. I'll wait for $42.5 and take it from there. Resistance comes in soon on the XAU also. A good spot to take a rest for a couple weeks. Hard to say, the market will go where it wants, when it wants. NEM looking good for now though. My thoughts on that one are proving correct so far. As for the OEX? It's a much tougher game to play...

No comments: