Pageviews past week

Wednesday, May 30, 2007

The Dow rose 111 points today on average volume. Advance/declines were 2 to 1 positive. The summation index will turn back up today implying higher prices. You just can't keep this market down. The Chinese market tanked overnight and the Dow just shrugged it off after an early decline. I have no trades here. Getting short here doesn't make sense at the moment. Gold lost 4 bucks today but the XAU was up over half a point. The volume was average there. The dollar was higher today so it didn't make sense for gold to go higher and it didn't. The gold shares probably just went along for the ride with the overall market. No trade here either as there isn't a clear signal. The gold shares are trending down though. I'm looking for a buy point but it hasn't happened yet. I'm also looking at getting long GE here. I have to check the chart tonight. Mentally I'm feeling tired as I haven't slept well the past couple of nights. I would like to make a trade in the June cycle but nothing is standing out at the moment. We are back at the highs set last week and at the moment it looks like we are going to bust right on up here. Also we are on the cusp of the last day of the month and first 4 days of the new month positive money flows. I'll be checking the charts of the overall market later also. So there you have it. GDP report tomorrow and the unemployment picture on Friday. It really seems like it doesn't even matter what comes out, the market is going to move higher. We'll see...

No comments: