Friday, February 15, 2008
Option expiration today as the Dow lost 29 points. Volume was light considering it was expiration. Advance/declines were negative. We were down much more and the overall market did better then the Dow. It's anybodys guess where we go from here. Today it seems like the market wants to go higher but I'm still looking for weakness next week. We'll see. Gold lost around $5 while the XAU was fractionally higher. ABX was up a few cents and NEM lost 60 cents. Volume was nothing special. The gold stocks are oversold and earnings are out next week. I will be looking at them over the long weekend. Perhaps it's time for the calls here. I'm not sure. But there still is the buy signal in effect that hasn't worked yet. GE was flat on average volume. INTC lost 30 cents. No trades there. Mentally I'm feeling OK. A long weekend ahead to prepare for the next week. The charts will need to be checked. I'm looking at the gold shares but again, with an extra week on the option cycle the premiums are high. So we'll see. For now it's time for a break and then back at it on Tuesday.