Thursday, April 29, 2004
5 minutes until the close. I put in an overnight order to purchase some NEM calls as a play on gold. Gold has been dropping here for quite a while. The daily and weekly charts are all oversold. I would like to trade more than just the OEX, if I can be good enough to do it. Order did not get filled, I priced it for perfection. NEM up a little today. Might try this again in a couple days if all goes right. Dow was down over 100 points about an hour ago but has come back. Today might have been the day to buy some calls. Could not bring myself to do it however this might be the spot. We've been down and choppy. Approaching a trendline at around 540 on the OEX. Short-term oversold on some indicators. I would like to get the Fed meeting out of the way. Summation Index still pointing down. Perhaps if we can build a small base here it might be a worthwhile trade. Will keep an eye on that and gold. Gotta run...
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