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Thursday, August 30, 2007

The Dow lost 50 points on light volume. Advance/declines were negative. We opened down around 100 came all the way back to be up around 25 and fell back again. The light volume skews the moves and it is impossible to get a handle on things from my perspective. I dumped the OEX puts for a 20% loss with 10% due to slow execution from the online brokerage website. But what can you do? That doesn't usually happen but it's something that could happen at any time. It wasn't a lot of money so that's a plus. I might try the puts again if a valid signal occurs. Bernanke is speaking tomorrow but it is a Friday before a holiday weekend. Anything could happen. Gold was off over a buck and the XAU lost a half. ABX was down 40 cents. The volume in the gold shares was light too. I'm going to try the ABX calls again eventually. GE lost 30 cents on light volume. I have an idea there for the calls if we get back to the weekly up trend line. I do think it will hold. But who knows? I've been wrong before. Mentally I'm tired. Did not sleep well again. The volatility takes its toll also. I'll be glad when tomorrows market day is done and I can relax for a few days. The summation index is pointing up and implies higher prices. Some other indicators are mixed. At the moment my thought is to get some OEX puts again if we rally into the employment report next Friday. It is not that far away. The small loss I took today was basically a bad entry trade. I was early. I did have chances to get out with a small profit during the duration of the trade but was greedy. Timing is everything in the game usually. Keeping the losses small is one of the keys. On to tomorrow.

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