Tuesday, June 03, 2008
An interesting day as the Dow was higher early, sold off pretty hard half way through the day, came back pretty good and sold off again. We ended down 100 points on heavier volume. Advance/declines were negative. Still medium term oversold and not doing much to alleviate that. It makes me apprehensive about the OEX puts. But I still have an open order to get some if we hit the price that I'm willing to pay. But it's a mixed bag at this point in my opinion. I'd like to see some short covering or something to the upside before the employment report on Friday. Technically oversold too on a number of indicators. It's hard to get short under these conditions. Gold lost over $10 and the XAU fell 3 1/3. ABX, GG and NEM were all down on light volume. Lower oil and a higher dollar probably to blame there. I have no plans at the moment for the gold shares. Eventually they will get interesting again. I have no decent signal as yet. GE was flat on good volume. Not seeing any help from GE lately as to the direction of the market. Mentally I'm doing OK. Not happy about missing the down move here but what can you do. It seems as though I get more upset with myself missing moves than I do losing money. That makes no sense. Summation index continues lower, gotta respect that. So we'll go on to tomorrow.