Monday, July 07, 2008
Posting a bit early today as we have just closed. It was a volatile day up, down, up and back down again. The Dow lost 57 points on good volume. Advance/declines were over 2 to 1 negative and the volume was good. We were up over 100 and down over 150 during the day. The last hour was crazy up and down. No summer doldrums here. Still oversold and no end in sight. As I've said before, I am waiting for the massive short covering up day to appear. Not yet. Gold lost around $6 today and was lower earlier. The XAU dropped 3 points. ABX, GG and NEM were all down and the volume was good. Perhaps the buy signal won't work this time. My GG calls are right back where I bought them with GG off almost a buck today. The dollar bounced around and oil was weaker. GE was up a touch on good volume. It was higher earlier. The GE calls are still under water and going nowhere really. Earnings on Friday. If we don't get a move up before then I may as well hold on. The earnings announcement is keeping more premium in these than usual. Otherwise they'd be dead. And they might be anyway. Mentally I'm tired, did not sleep well. The volatility isn't helping either. The summation index is still pointing down and at levels where it normally would turn around. But that hasn't happened. I don't know why. Other indicators are not showing as oversold of a condition. So on we go. At some point here soon, I am going to exit my positions and sit on the sidelines. Perhaps I should already be there.