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Friday, February 23, 2007

The Dow lost 38 points on average volume. Advance/declines were slightly negative. It was a down day all day today. We are around the 50 day moving average on the OEX. I'd expect some more weakness early next week but then a rally. That is my scenario right now but I'll have to check the charts over the weekend. I'm thinking of getting long on Tuesday at the moment. Gold was up over $3 but the XAU did not follow and was off a quarter. Both ABX and NEM sold off again on heavy volume. They could be due a rest here. Gold and the gold shares are overbought on a longer term level but keep going higher. I'm not sure what to do here now so it's the sidelines. That could change over the weekend. Not much else to say here today. Not any data out. Mentally I'm feeling good and looking forward to the next trade. Timing is everything it seems. It never is easy either. I'm going to enjoy the weekend and get back at it on Monday.

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