Friday, April 04, 2008
We were down early, then up and down again. Not like the previous month, with 100-200 point moves but up and down nonetheless. The Dow lost 16 points on light volume. Advance/declines were positive. The employment report was weak, we sold off and then came back. We are getting closer to the weekly down trend line but aren't there yet. 2 weeks on the April option cycle. I'm leaning towards the short side if we get a decent signal and it could happen next week. But that could change. Gold didn't do much, up around $3 but it is rallying in the aftermarket. The XAU rose 3 1/3. ABX, GG and NEM were all higher but the volume was light. GG gained almost a buck. The dollar was weaker but we didn't get the big move in the gold shares as we have in the past. I'd still like to get long ABX at some point for the May cycle. However the European Central Bank meets next week and if they lower interest rates it may boost the dollar sending gold lower. But it's all just a guess at this point. GE lost 1/4 on light volume. Light volume was the theme for the day really as nobody is stepping up to buy or sell here in a big way. Sideways is the rule for now. Mentally I'm not feeling 100%. Slept OK. Not much else to say here. It's been a waiting game for the weekly down trend line to come into play and the waiting continues. Earnings begin next week and we'll see how that turns out. Not a lot of economic data coming out next week. And so it goes. I'll check the charts over the weekend and take it from there.