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Tuesday, May 08, 2007

The Dow lost 4 points on average volume. Advance/declines were negative. We were down over 70 points at one time. There is no selling off in this market. It's interesting but it doesn't help my OEX puts any. The summation index should be attempting to roll over again. We'll see what happens. The puts I own are losing money but haven't been stopped out yet. The Fed announcement is tomorrow. I don't know if it will be a market mover or not. Gold lost 3 bucks today and the XAU lost about a point and a half. The volume was light. The trend there is still up for now. ABX was up a dime. My guess is that the Fed will talk tough on inflation tomorrow and the dollar will rally, gold will fall. That's what I'm thinking at this point. Mentally I'm feeling fine, got a good nights sleep. At this point I would like to exit the OEX trade without a loss and I'd feel pretty good if I could do that. Otherwise there is nothing on my radar that seems like it needs immediate attention. We'll see what tomorrow brings...

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