Pageviews past week

Monday, April 30, 2012

We ended the month of April with a slight loss as the Dow fell 15 points on light volume.  The advance/declines were negative.  The overall market was weaker than the Dow.  The week could just end up being a waiting game for Fridays employment numbers as far as the stock indices are concerned.  That's just a guess as usual.  I would expect to see some beginning of the month money flows in the next couple of days though.  I have no OEX trades in mind here but I'd be leaning towards the calls.  GE was off about 1/4 on very light volume.  No hurry to put on any trades here but I am looking out to the July calls.  Gold was flat on the day after selling off early.  The US dollar gained just a bit.  The XAU fell 7/8 and was lower early on as well.  ABX and NEM dropped 1/4, while GG lost 7/8.  Volume was light.  My ABX May calls are still very much in the red with the exception of the purchase at the lower strike price.  Simply waiting for the earnings out on Wednesday morning.  That will determine if the loss will be big or small.  Three weeks left for the options but I doubt I'll be holding on for that long.  We'll see.  Mentally I'm feeling OK.  The stock indexes were getting short term overbought and todays action relieves some of that condition.  Todays daily candlestick pattern on the RUT looks ominous so we will have to see how things play out going forward.  Gold sold off and then came all the way back.  Perhaps that will be bullish going forward.  Just a waiting game on the May ABX call trade at this point.  We'll keep an eye on the foreign markets tonight and go from there.

No comments: