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Friday, March 23, 2007

The Dow was up 20 points on light volume. Advance/declines were positive. We are overbought. I am not looking at buying any puts here though. I have no OEX trades for the near term. That could change. Option premiums are still high. Gold lost $7 today but the XAU was basically unchanged. That is the opposite of yesterdays action and constructive for now. ABX didn't move either and my calls are right where I bought them. I'll have to check the charts over the weekend. I still might want to get out now and buy them back later. We'll see. There are never any hard and fast rules for a trade. The adjustments have to be made on a constant basis. As new information comes in, strategies unfold. I think this will be a winning trade but I'm not sure and you never really can be. At any rate, the dollar came back later in the week and that wasn't supportive of the gold price. I also need to check the economic calendar for next week. Mentally I'm looking forward to the weekend for a little break. End of the month next week and we will have to see how that plays into things. A short week after that. See you next week...

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