Monday, June 30, 2008
End of the month and a bounce was due. The Dow ended up 3 points. That isn't much. Volume was heavy again and the advance/declines were negative. That doesn't bode well going forward. But we'll see. We did try to rally but it failed once again. I've been expecting one of those 2 to 3 hundred point short covering up days. It isn't happening. It could get even uglier here. I hope I'm wrong about that. The gold futures were off 4 bucks. The XAU rose 3/4 after selling off during the day. ABX was up 1/2, while GG and NEM had fractional losses. All had heavy volume. The dollar was a bit higher today. I'd still look to get some gold share calls on a pull back to the breakout point if that happens. But I'm afraid that trade was missed. I still have the GE calls that I played for the bounce that hasn't happened. GE was up around 40 cents on good volume. It still a long way from where I need it to go. Earnings out July 11th and perhaps I'll be stuck until then. Hopefully not. Mentally I'm doing what I can really. Need to see the dentist and that should happen tomorrow. Troubling here that the market can't get anything going to the upside. Really need to get higher here, lower oil would help. But the market will go where it wants. We'll see where it goes tomorrow.