Thursday, May 22, 2008
A weak attempt a a bounce today as the Dow gained 24 points. Advance/declines were slightly positive and the volume was lighter. It's hard to be patient here but that's what's required at this point I believe. I wouldn't expect much tomorrow with a long weekend ahead but you never know. If I get the chance, I'll get some OEX puts next week. The summation index is pointing down. I do believe that we are headed lower even with the sell-off that's already occurred. The premiums on the puts are high and that tells me that they are going to work. Gold lost $10 today and the XAU fell 2 points. ABX , GG and NEM were all lower on lighter volume. ABX is showing relative strength now. We're overbought here now. Plus I'm still kicking myself for the last ABX trade that blew-up in my face. No one to blame but me there. GE was flat on good volume. It's oversold but shows no signs of a rally yet. Mentally I'm feeling OK, slept pretty good. Needless to say, you've really got to be on your toes in the game. One day off, one hour off on the timing and it's hard to recover. Gotta be nimble, gotta be quick. You need to pay attention and do the work every day. I hate missing moves and that has happened again here with the OEX. I still think I can salvage something though. It won't be easy. Pre-holiday Friday coming up and we'll take it from there.