Monday, June 16, 2008
A lighter volume expiration Monday as the Dow lost 38 points. Advance/declines were positive. It has a feel of a market that wants to go higher. The overall market was stronger than the Dow. I'd still like to get some OEX puts sometime this week though. Loads of data due out tomorrow, including inflation. I'm on the sidelines for now and may just stay there all week. But we'll see. Gold was up around $12 today and the XAU rose 3 points. The gold shares were higher early but sold off. ABX, GG and NEM were all up around a buck but the volume was light. Buying the ABX calls on Friday would have worked. The dollar was weaker today and oil sold off near the end also. As much as I'd like to play gold here, I'm backing off for now. GE was down about 20 cents on very heavy volume again. I don't know what is going on there but the volume recently has been incredible. Not too mention that it is very oversold and staying there. I'm thinking about getting some July calls. It can't stay oversold forever. Mentally I'm feeling OK, slept well enough. I'm trying not to force things here. My thinking is that if we stay higher early in the week, we will sell off later. There's only 4 days left in the June cycle. Any trade here would have more risk than usual however, if an opportunity presents itself I'll give it a shot. Not with a lot of money considering the time remaining. So we'll see how the market reacts to the data tomorrow.