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Wednesday, May 16, 2007

The Dow was up 104 points on average volume. Advance/declines were positive. The upside expiration bias lives. The overall market was decent here today also. So higher we climb. How far? Who knows but enjoy the ride. My own thought is that this can't go on forever. But I have lost enough trying to buy puts lately so I'm on the sidelines. Gold lost big today, over $11. The dollar was stronger. The XAU lost more earlier but came back with the overall market to be down a point and a third. ABX held up pretty well as it has lately but NEM closed below $40. Gold itself needs to hold here or it will break some important uptrend lines. Obviously there is no buy signal here. I'll keep an eye on it. Mentally I'm a bit tired since I haven't gotten a good nights sleep lately. 2 days before the May expiration and I do not see any trades looming on the horizon. I am not going to force the issue here. I'm going to wait for something worthwhile to appear and take it from there. The work continues to need to be done even with no imminent trades. Discipline is still key.

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