Thursday, July 15, 2004
About 20 minutes to go and the Dow is down around 20 points. Not a lot of movement considering all the data that came out today. Well the data was mixed and so is the market. Advance/declines are solidly positive here though. I would love to have the guts to buy some OEX calls now. Even though they only have one day left on them. We are medium-term oversold. And the transports are up big today, over 45 points. They sometimes lead the Dow and that may well be the case right now. But the risk is insane. Gold was down around a buck today. The XAU is off fractionally and NEM is right about even. NEM is holding up pretty good here today but the volume is pitiful. The dollar was stronger against the major currencies today and the inflation data was benign. I'll buy some more calls on NEM on a pullback, if that occurs. Results for the previous calls: a 40% gain on the August calls sold yesterday and a little under a 400% gain on the July calls. That's not a typo. And the July calls should have been sold when NEM hit resistance last friday for an even bigger gain. But what can ya do? Option expiration tomorrow, 10 minutes to go here and I'll fight myself not to buy some OEX calls at the close...
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