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Tuesday, June 05, 2007

The Dow shed 80 points on average volume. Advance/declines were 3 to 1 negative. Big Ben had some kind of speech about interest rates that moved the markets. We were overbought so it wasn't a surprise. I did not get any OEX puts and it would have had to be a quick trade which isn't my strong suit. I am looking at getting long some GE calls but the chart doesn't look all that great. Perhaps OEX calls will be the play. I'll need to check the charts overnight. Gold was down around a buck and the XAU lost a point and a half. I can't really see gold doing anything here if interest rates aren't going down. But you never know. Mentally I'm feeling OK. I don't have any real firm ideas about what to do here but I'm leaning towards the long side for expiration week. After that, who knows? I think patience and prudence are the qualities that are needed here. I don't want to do anything just for the sake of having a trade on. However I would like to make some money. I've been a bit gun shy since the year hasn't been going too well so far. But I can't let that stop me from taking reasonable risk when the time arrives. My guess is tomorrow will be a sideways day, there just isn't a lot of news coming out.

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