Wednesday, April 23, 2008
A choppy day as the Dow opened higher, went lower, back up again and ended in the middle of the range. It was a gain of 43 points on OK volume. Advance/declines were positive. No good signal one way or the other here at the moment. I'm hoping we are building a top here but hope isn't something to trade on. So we'll see how it goes. Gold lost $17 today and the XAU dropped 6 1/2. ABX and GG both lost about 2 bucks. The volume was pretty good in ABX and it's breaking the 200 day moving average line. Not good signs for the bullish cause. That said, we are oversold there and getting a weak buy signal for the gold shares. I'm keeping an eye on it and might go long some ABX calls soon. Earnings are out in the May option cycle and they should be pretty good. NEM was down today also. GE was flat on average volume. Not really much going on there. Mentally I'm feeling OK, got a good nights sleep. We've got the Fed in a week and that can be a problem for the trading up until then. Perhaps we will just hang around until that's out of the way. Technically there isn't anything solid to go by at the moment in my opinion. I'd still like to see some type of light volume levitation and short things from there. Looks like Starbucks is lowering its forecast in the aftermarket, we'll see how that affects things tomorrow. Apple reports after the bell also. Patience for now.