Wednesday, April 09, 2008
Another light volume day as the Dow dropped 49 points. Advance/declines were 2 to 1 negative. Going nowhere fast? I still need to see weakness into Friday to try this next trade. So far it's panning out but you never know. Will be getting OEX calls on weakness Friday if all goes according to plan. Gold had a good day, up about $20 as the dollar went lower and oil higher. The XAU rose 3 3/4. ABX and GG were up over a buck while NEM lagged, up just a touch. Volume wasn't what it used to be on the rallies. We'll see what happens with overseas interest rates tomorrow and go from there. My thinking is that we need to build more of a base here but I don't know. GE lost around 1/2 on light volume. No trades there. Mentally I'm doing OK, slept well enough. Would like to get through tomorrows market action and concentrate on Friday for getting OEX calls. Of course I'm not 100% sure on any trade but I do believe that we will have some type of decent up move between now and the close on Tuesday. I could be wrong. Timing as always will be the key. This isn't a trade to hold forever, it's a get in, make your profit and get out. I'd like to see us flat to down tomorrow and go from there. Wishful thinking. I've been patient thus far, so waiting another day is the idea. We'll see.