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Tuesday, October 02, 2007

The Dow lost 40 points today on average volume. Advance/declines were positive and the overall market was stronger then the Dow. Which implies that we are going higher and I do believe that we are. It's back to buying the dips for now. Gold got clobbered today and was off $17. The signs were there. The XAU shed over 5 1/2 points. ABX was down almost $2. My open order for the ABX puts didn't get filled and I canceled it. There's still a possibility that I'll get some puts here depending on the action from here. But it looks like the divergence in the RSI was for real. GE was pretty much flat on light volume. I still haven't gotten the earnings date there but it's overbought and I'll have to check the charts again. Hard to get the puts there in a market like this. Mentally I'm a bit tired without a good nights sleep. The focus this week seems to be on the employment report coming out on Friday. I don't have a good feel for it like I did the last time. Perhaps I'll wait for it to come out and take it from there but you never know. As always there is no rush to do anything at the moment. I'll check things overnight and take it from there...

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