Monday, February 04, 2008
It was a downer today on Wall Street with the Dow off 108 points on light volume. Advance/declines were negative. We were getting short term overbought and today will relieve some of that. I'm still thinking the trend is up but who knows? Summation index heading higher. I don't think that today is the beginning of a big down move. I could be wrong. Gold lost 4 bucks today and the XAU was off over 4 points. However it looks like we are getting close to another buy signal there. ABX down 1 1/2 and NEM down over 2 points. HL off a 1/4. I think we have more to go on the downside with these issues, even with a buy signal approaching. I am going to put buying HL calls before the earnings on the back burner for now. GE lost 80 cents on average volume. Not sure what to do there now. INTC down over 60 cents too. Indecision is where I am at the moment. It's not the place to be for trading. When I have an idea of what to do or get a decent signal, then it will be time to act. Less then 2 weeks on the February option cycle. Mentally I am hesitant here to do anything at the moment. I'm thinking perhaps a run up to a higher spot and then shorting the OEX. Or if we continue to sell off early this week perhaps try the calls. There is no rush to do anything right now. But that will change. Otherwise it's business as usual. On to tomorrow.