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Friday, August 04, 2006

The Dow lost a couple points but traded all over the place today. Opened much higher, then went down fifty points and ended up where it did. Volume was good and the advance/declines were positive. I did put in an order to get some puts and then modified it. Did not get filled. I will perhaps try again on Monday. I still want to get in a play on the Fed announcement but I could be wrong. The market seems to just want to go higher. A lot of people are bullish. I will try and buy some puts though. Gold was higher and then came back to be about unchanged. The XAU was off fractionally and was much higher earlier. Thought about shorting the XAU but not sure and will need to check things over the weekend. I think the Fed will set the tone and that will be the key but again I could be wrong. The technicals seem to support a down move here but I don't know how much. Anything could happen. I need to check the reports coming out next week also. It's the weekend and I'll try to relax but work needs to be done. There could be an opportunity here and I'd like to try and take advantage of it. It is a difficult game as I've said many times before. And it's still summer so things happen that don't always fit into the overall picture. So I'll check the charts over the weekend and try not to do anything stupid on Monday.

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