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Wednesday, February 06, 2008

Another 65 points down on the Dow today as we couldn't hold a 100 point early gain. Advance/declines were about 2 to 1 negative on average volume. Will the lows of a couple weeks ago hold? That's the question. I might get long weakness tomorrow or Friday for a short term pop. Gold had a good day, up $14. The XAU could only manage a 1 3/4 gain. It was higher earlier. ABX and NEM both came off their highs and finished positive at least. The volume wasn't strong there as it had been previously. I'd still like to get long the gold shares at some point. There is still a buy signal there but it hasn't worked this time. It will eventually. Perhaps before the earnings on the 21st. Or not. INTC lost about 20 cents. I still want to get some February calls here but the charts don't support it at the moment. Probably best to step aside but I still might give it a shot. GE was unchanged on average volume. No trades there, the weekly down trend line remains intact. Mentally I feel fine, got a good nights sleep. 7 days to go on the February options. Tough call. We could get a buy signal later this week and I think I'd give that a try. But the real trend is down for whatever reasons. Trades must be short term in the OEX to be successful at the moment in my opinion. We'll see what tomorrow brings.

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