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Monday, May 07, 2007

The blog is early today due to commitments after the bell. The Dow is up around 40 points at the moment on light volume. Advance/declines are positive. My OEX puts are losers at the moment. Fed meeting tomorrow with the announcement the following day. I'm going to at least stick around in this trade for that unless it gets stopped out. Gold is up a couple bucks today. The XAU is up a point and a half at the moment. ABX is acting well, up three quarters on good volume. Getting back to the overall market we are short term overbought again. But lately, when haven't we been? It's a momentum rally and I have had no business shorting it. Yet I continue to try. When it ends it will be just as rapid to the downside. And it will end. But when is the question. Mentally I'm doing OK. Checked the charts over the weekend and there is nothing new to report. If we end higher today and it looks like we will, I will have to say that I never trust Monday light volume rallies. We'll see what happens. Obviously today would have been a better day to buy the puts...

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