Friday, May 02, 2008
Up over 100, then down 25 and finally back up 48 points on the day. Volume was lighter, the advance/declines were positive. The employment report wasn't as bad as expected. The trend remains up but I could make a case for a pullback early next week. I may try a trade there for the OEX puts. We'll see. Gold was up over $5 on the futures and the XAU rose 2 3/4 points. Nothing much really and we're oversold. ABX, GG and NEM were all higher with NEM leading the way. NEM leading the charge hasn't been conducive to higher prices lately. Volume was light. The dollar continued higher. The ABX calls I own are still in the red. ABX managed only 20 cents to the upside. Earnings on Tuesday. This trade still has the feel of a loser. Perhaps the earnings will save it but we are oversold and staying there. That's never a positive sign. GG earnings Monday. GE was up 20 cents on light volume. Not much going on there. Mentally I feel OK, slept well. The market seems to be projecting higher prices here. The sell-offs don't last. The summation index continues higher. The economic news that is released is viewed as positive regardless. It's hard to fight that and not worth it either. I'm going to have to remain patient and wait for a decent signal, if one appears at all. I'll be getting out of the ABX trade next week and go from there. The charts will be checked over the weekend and I'll see what I can find. It seems that the money flows have changed and that must be taken into consideration. It's not an easy game but one that changes. For now it's Friday afternoon and time for a break.