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Friday, March 07, 2008

Closed the week on a down note with the Dow losing 147 points on good volume. Advance/declines were around 2 to 1 negative. We did come back a bit but the trend remains down. That said I think that you can buy weakness Monday for a short term trade. That's the idea at the moment. My work says that Monday or Tuesday will be a decent up day. We could completely collapse here as well but that is a low percentage bet. I think we'll see 580 on the OEX before expiration but we are getting medium term oversold and are already short term oversold. I'll check things over the weekend. Gold lost a couple bucks but the XAU dropped over 6 points. ABX, GG and NEM were all down around 1 1/2 on lighter volume. I have no trades in mind there at the moment. Will try and wait for the next buy signal. GE lost 1/2 on good volume. I'm thinking of the April 33 calls perhaps at some point. But we'll see. Mentally feeling OK. Somewhat thinking I've got a handle on things marketwise here. Will try and get the conviction over the weekend to take a trade early next week. Summation index is still heading down and approaching the zero line which usually leads to the market unraveling. However we have been dropping for so long that a bounce is due. At this point I'd like to try and play the bounce and then get some puts after that. It's all a guess but we should see some kind of rebound attempt early in the week and then after that it's anybodies guess. For now it's the weekend, time to regroup, check the charts and get some rest

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