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Wednesday, August 23, 2006

The Dow lost 42 points on light volume. Advance/declines were 2 to 1 negative. Poor housing sales was the news today with some Iran rumbling. Just trying to get through the rest of the summer really. We came back in the last hour. I'm still looking to get short but sometime next week. I'm going to wait for a divergence in the McClellan oscillator and the RSI. It will take at least a week. Gold was down a buck today and the XAU was little changed. Not sure what to do here. We are overbought and up against resistance. I'm not looking to short it here though and if anything, would like to go long. Otherwise there isn't much to report. Patience is key and I am even starting to look at October puts but they are expensive of course. I do have lots of reading to catch up on and this is a good time to do that. I am also in the process of changing online brokers for my individual stock purchases. But I'm ready to go if a trade appears on the radar. That's about it for today.

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