Tuesday, May 13, 2008
The Dow lost 44 points on average volume. Advance/declines were positive. The overall market was stronger than the Dow with the NASDAQ higher on the day. The market seems as though it wants to move higher here. It is expiration week. No OEX trades for now. Gold got clocked today as it lost $15. However the XAU was only off 1/4. ABX, NEM and GG all had only fractional losses on light volume. Interesting as it really didn't make sense. My ABX calls are still dead, will cut the loss at some point before Friday. Again, a terrible trade. GE was flat on light volume. Option writers there are rejoicing. Mentally I feel OK, still a bit tired. Not much to say here really. A looming ABX loser on the horizon and after that, who knows? Inflation data tomorrow. The retail sales news from today was a bit weak but the dollar rallied anyway and bonds sold off. Not the expected reaction. As for the gold shares not selling off in the wake of a $15 loss in gold, can't figure that one out either. Perhaps it means a pop in gold tomorrow but that's just a guess. I'll be watching things overnight and take it from there.