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Friday, June 08, 2007

Got a nice bounce in the Dow today, up 157 points on good volume. Advance/declines were 2 to 1 positive. I was sick last night and had to sleep in so I didn't buy any OEX calls. They didn't get a cheap as I would have liked but the trade was there. Where we go from here is the question. I think we will have to test the low. At least that is my thinking at the moment. There is a lot of data coming out next week so it could get volatile. I'm going to have to play it as it comes. It won't be easy. Gold got slammed today, down over $12. However the XAU managed to gain almost a point in sympathy with the overall rise today. It was either that or short covering. I don't see any trade there anytime soon. However the US dollar was higher today and we are getting close to my target of 83. Perhaps we will just blow through that and turn the overall trend in the dollar higher. That's just a guess. Mentally I'm really tired as I didn't sleep well due to something wrong with my stomach. This hasn't happened before but you need to be at your best to trade successfully. I think it was something I ate. The plan was to get up early and buy calls on weakness but I couldn't do it. Expiration week is coming up and I am sure it will be interesting. For now it's the weekend and I need to rest and get ready for Monday.

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