Monday, May 05, 2008
Settling things out as the Dow lost 88 points today. Volume was Monday light and the advance/declines were negative. All the indices were lower but not much as Yahoo really led the way down and set the tone. It doesn't feel like a huge decline is coming but who knows? OEX puts aren't doing much. My guess is that we hang around or drift lower before heading higher again. Subject to change as events unfold. Gold had a good day, up over $15. Oversold bounce? maybe. The dollar was a bit weaker and oil was higher too. The XAU rose 5 1/2 points. ABX, GG and NEM were all higher with ABX up over a buck. The ABX calls I own are back to break even. Earnings out tomorrow. I really should just get out tomorrow regardless but we are still oversold there even with todays movement. European Central bank meeting this week could support foreign currencies and send the dollar lower. But that's a guess and the meeting may not even mean anything. GG had good earnings today, opened much higher and never got back to the open price. So I'll see what happens when the ABX earnings come out and go from there. GE was off a touch on light volume. Mentally I feel pretty good, got a good nights sleep. 9 days left in the May option cycle. Not getting a clear buy or sell here for the OEX. Summation index continues higher. Unless I get something solid here it would make sense to lay low. I'll see how the week unfolds and take it from there. Gonna try and not force things but you never know. The focus is on ABX at the moment but that could change tomorrow if I dump the calls. So it's an early day tomorrow and we'll see what transpires.