Thursday, May 08, 2008
We bounced back a bit today as the Dow gained 52 points. Advance/declines were positive and the volume looks a little lighter. We really just bounced around today. Considering yesterdays action, it wasn't too bad. I have no OEX trades in the pipeline at the moment. No clear signal but I'm leaning towards getting some June puts. We'll see. Gold had a good day, up $10 and the XAU soared 7 1/4. ABX, GG and NEM were all up over a buck with GG adding 2 1/2. Volume was good on ABX and GG. GG continues to show relative strength. The ABX calls I own are back to showing a slight gain. I really should have just gotten out today but the technicals have room to go on the upside in ABX. However there are only 6 days left. Decisions, decisions. GE was flat on light volume. The option writers there are making money. Mentally I feel OK, slept well enough. I have noticed that money has come back into the gold shares, for whatever reasons. I don't know how long that will last. My hope is that they will run them up into the expiration. But things can turn on a dime. This ABX trade has not turned out the way I thought it would. ABX is lagging the other gold shares. While keeping an eye on ABX, it is perhaps taking my focus away from better opportunities. Or not. I'll have to think about it this evening and come up with some type of plan for the rest of this trade.