Friday, June 03, 2005
The Dow lost over 90 points today on light volume. I suppose that could be considered the move from the McClellan oscillator. Advance/declines were negative but not as much as a down 90 market would indicate. I'm still going to look to get long here somewhere. I did place an order for GE calls but canceled it when it wasn't filled. I do not think that I will do that trade. The XAU was up a bit and so was gold. But so was the dollar for that matter as these markets have changed their relationship with each other. Why? I don't know. Perhaps the selling in gold has ceased for now with no talk of hedge fund problems. It's just a guess. I think my next trade will be in the OEX as I will look to get some 570 calls. The uptrend remains intact from what I can tell so that will be the play. I am still looking to go out to July on the ABX calls. The weekend has arrived and I'll check the charts and go over the numbers. I really haven't seen any good set-ups lately. Sometimes you've just got to be patient. I almost made a dumb trade today. But I didn't. I would like to do something before the June expiration but I will not force the issue if possible. Perhaps the sidelines is the best place for me at the moment.
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