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Monday, July 25, 2011

We started the week off on a sour note as the Dow lost 88 points on light volume. The advance/declines were over 3 to 1 negative. I am going to have to decide if I just want to get the OEX puts right now or wait for the next minor rally. I really want to see if we get some kind of reflex rally when a US debt deal is announced. That would be the rally to short in my opinion. However the market may not wait for that as todays action could move the summation index back down again. More overbought than oversold here. Things to think about. GE was down a touch on light volume. No trades in mind here for now. Gold rose again, up $10 on the futures. The XAU lost almost 2 points though. ABX down 1/2, GG lost 2/3 and NEM fell 1/4. Volume was light. The US dollar didn't do much today. Earnings are out later this week. I'm thinking of perhaps getting some gold share calls here in the next couple of days as an earnings play. ABX is the issue that I have in mind. Not sure yet if I'm going to risk it though. Mentally I'm a bit tired, did not sleep well. So basically I'm about to attempt another trade and it will be the OEX puts or the ABX calls. I'll ponder things again tonight and go from there.

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