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Tuesday, September 05, 2006

The Dow rose 5 points on light volume today. Advance/declines were positive. We are overbought. The overall market was higher. I have an order in for some September OEX puts. This will be a quick trade if it gets filled. Perhaps only 2 days if it works. I am still looking for higher prices into the expiration next week and then purchasing October puts. But right now I am getting a sell signal and I'm going to try and exploit it. Gold was up over $15 today. The XAU gapped above the 150 level. The volume wasn't heavy but all the gold shares went to the upside. I thought about getting some NEM calls but held off. I am on the sidelines there. As for the OEX trade, it isn't a lot of money. I am really interested in October puts. But this looks like it could work if I'm nimble enough. I think I am. Mentally, I'm feeling good and got a good nights rest. I also feel good that the summer is now over and we can get back into the routine of the markets trading on a normal basis. Obviously nobody is jumping in to buy the market at these levels. We'll see. The volume has been light the whole way up here and that is not a strong sign. The Fed beige book is out tomorrow and I think that will be a market mover. Not much economic data this week. We'll see if my order gets filled tomorrow...

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