Tuesday, June 17, 2008
Back to the downside today as the Dow lost 109 points. Advance/declines were negative and volume looks to be average. I was hoping for a little more upside before getting some OEX puts but it wasn't to be. The prudent thing to do at this point is to step aside. If we do come back in the next 2 days, I might try something for Friday. But there isn't much time and the risk is higher than usual. Gold was little changed today as was the XAU. ABX up 1/3, GG up 3/4 and NEM flat on the day. Volume was light here again as interest in the gold shares has waned. Perhaps I'll try something for the July cycle. Who knows? GE was off a dime on good volume. Yes, I'm looking at the July calls here but I'm not completely sure about that either. GE has been hammered down for weeks now without as much as a bounce really. But I suppose that's when you want to be buying. We'll see. Mentally I feel fine, slept well. I don't see any real good set-ups at the moment. It's tough remaining on the sidelines but sometimes that is what you have to do. GE is about the only thing that looks like it might be a possibility. Another scenario is that we just meander around and move sideways for quite some time. The summation index remains to the downside, as downside energy remains in the market. Summer rally coming up? Perhaps if oil takes a big drop. For now it's just a wait and see attitude.