Thursday, April 17, 2008
The Dow was basically flat on the day as it gained a point. Advance/declines were about even and the volume was average. It was a tight range for most of the day. There was a lot of volume in the OEX 630 calls, whatever that means. Google reported good earnings after the bell and is up 10%. We'll see if it carries over for tomorrow. No trades on the horizon. Gold lost 5 bucks today and the XAU lost 3 points. ABX, GG and NEM all lost some ground on light volume. Nothing doing there for now. GE lost a touch on good volume. The scenario remains the same. Patience until we get to the weekly down trend lines in the indices and go from there. Unless there is a decent signal, it's a waiting game. Mentally I feel OK, got some needed rest. Options expiration tomorrow. No need to take any unnecessary risks. We'll go on to next week and take it from there. The gold shares will be reporting earnings in the May cycle. That will have to be taken into consideration for any trades there. Bonds lost ground today and there is rumblings that the money from bonds will start to flow into stocks. That is possible and if it happens it could support the market here for a while. But one day doesn't make a trend, however it will be something to keep an eye on.