Wednesday, February 13, 2008
The rally continues as the Dow gains 179 points. Advance/declines were almost 2 to 1 positive and the volume was average. No pullbacks for a chance to get long. And so it goes. Could we get 5 days up in a row? May happen but I will be expecting some weakness next week. That's my guess at the moment. What's next on the trading horizon? Nothing at the moment. Long weekend ahead and extra time on the March option cycle. Patience is required. Not always easy to do. Gold was about unchanged but the XAU was up 2 3/4 following the overall market for a change. Both ABX and NEM were fractionally higher. The volume in ABX expanded at the close, don't know what that's about. HL was upgraded by a firm and gained 5%. That reverses yesterdays action. Earnings tomorrow, should be interesting. INTC and GE were both up on light volume. Mentally I'm a bit tired, did not sleep well. 2 days left in the February option cycle and I'm still considering an OEX call trade if we get some weakness. But I probably will wait for next month to do something. Risk is something that cannot be ignored. There are no solid signals at the moment. It is not always easy to sit it out but that's what must be done sometimes. There is always another option cycle. That said, we'll see what happens.