This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
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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