Wednesday, June 04, 2008
We lost 12 points today on good volume. Advance/declines were negative. We were higher early, sold off and came back. That seems to be the scenario for this water torture type of decline so far. I still have an open order in for some OEX puts but it's getting late for that I think. The market is just hanging around too much. Usually, when we go down, we just go down. So I'm thinking we are going to get some type of massive short covering rally in the near future. I will probably cancel that open order before Fridays employment report. Gold lost a couple bucks and the XAU dropped 3 1/2 points. ABX, GG and NEM were all down. NEM not so much. Volume continues light there as players have found other places to go. Same stronger dollar, weaker oil story today. GE was flat on lighter volume. Mentally I'm tired, did not sleep well. I still think there is room on the downside overall but I don't think it's set in stone. We are trending down but sideways as well. It is a tough environment if you are not already short. It is close to being short term oversold but the medium term is starting to work off the oversold condition. Still plenty of time before expiration. I'll try my best to be patient and not do anything stupid. But you never know.