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Monday, September 24, 2007

The Dow lost 61 points on average volume. Advance/declines were negative. I'm sticking with the trend is up theory. Declines can be purchased in my opinion. I will be looking to get OEX calls when there is a decent signal. Perhaps this week and maybe early next week. We'll see. I could be wrong. Gold was little changed today and the XAU lost a point. I have an open order in for some ABX puts. ABX was down a touch today. It is way overbought. I think this is the spot where it takes a rest. Gold itself is overblown here also. I do however think that in the longer term, the gold shares will have another run to the upside. But I think for now the recent upside has gotten ahead of itself and it's time for a break. GE lost 40 cents on OK volume for a Monday. I'm still bullish GE into the beginning of next year. I'll be looking to get long as it works off the overbought condition. Mentally I'm feeling fine with a good nights sleep. Options are pricey here due to the roll into the next expiration month. There is no hurry to do anything until a valid signal appears. Patience is needed for now. Not need to force things as there is never a good reason to. Discipline remains key until the next opportunity appears.

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