Thursday, January 03, 2008
The Dow managed a 12 point gain on light volume. Advance/declines were positive. We were much higher during the day. I did place an order for OEX calls but wasn't filled. We are oversold and I guess I'll try and buy the calls again tomorrow on any weakness. Employment report due at the open. So we'll see what happens. Gold continued higher, up another 9 bucks. The XAU rose 6 points. ABX was up over $2 and NEM up over $1 on extremely heavy volume again. These stocks have gone up about 10% in 2 days! Amazing. I still want some calls there because that is where the money is flowing. Gotta wait for some type of pull back though. You cannot deny the strength of the gold shares here. There is a lot of publicity about the gold move in the media though. Sometimes that means a top is imminent. GE didn't do much on light volume. Mentally I'm a bit tired, up early and not enough sleep. The OEX call prices didn't move as much as anticipated with the upside earlier in the day. That concerns me going forward. The summation index is moving sideways here. It will break one way or the other. This really isn't a good start to the new year and that is a concern also. So there are questions about the market here that remain to be answered. No need to take chances at the moment.