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Tuesday, June 28, 2005

Got the bounce today with the Dow up 115 points on OK volume. Advance/declines were over 2 to 1 positive. Now it's a waiting game for the Fed on Thursday. Is this the beginning of another leg up? Time will tell. Oil get clobbered today and that was a good enough reason for a rally. Gold was down over 3 bucks today. The XAU sold off about a point. I bought some July NEM calls. NEM got down to the trend line and the price was what I wanted to pay. We'll see if it holds up here. Not sure as the technicals remain overbought. ABX seems to have better relative strength here but the options were expensive. So we'll see how this trade goes. Tomorrow could be the end of it already if the trend line doesn't hold. Back to the overall market, OEX calls could have been bought yesterday and sold for a profit today but it wasn't much. Just a few hundred dollars. In retrospect perhaps I should have scalped it but I didn't. It is always easy to look back but that was a nice set-up. Mentally I'm just slugging through it. Feeling better but still uneasy as how I will handle what's going on. Perhaps no action would be the best plan at this time but I would really like to get some answers and move on one way or the other. We'll see.

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