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Thursday, June 19, 2008

A bit of a bounce today as the Dow gained 34 points on good volume. Advance/declines were about even. We were getting pretty short term oversold, so some kind of upside was to be expected. I don't think it will last right now but you never know. I looked at the OEX calls but didn't do anything. I'll wait on the OEX. Gold was up $10 today but the XAU fell 1 1/3. Gold is dropping in the aftermarket. ABX, GG and NEM were all lower after opening higher. A one day reversal to the downside and the volume increased. Not a good sign if you're looking to get some gold share calls as I am. I'm still getting a buy signal there and I will probably pick up some calls next week. ABX or GG most likely unless things just tank out for gold here. The dollar didn't do much today but oil was down pretty good. GE was flat on average volume. Oversold there for quite some time and not even a look at going higher. It can't stay down forever can it? Perhaps it is a foreboding sign for the overall market. But perhaps not. Mentally I'm doing OK. Already looking to the July option cycle. I'm thinking that this decline has about run its course. I think tomorrow will be a down day as I said yesterday. But we are about to get a positive divergence in the McClellan oscillator if we don't just collapse here. So perhaps next week we will put in a trading bottom. As usual the market will go where it wants. There is also a chance that the summer doldrums will be upon us and sideways will be the norm. At any rate, I'm going to keep an eye on the gold shares and take it from there.

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