Thursday, April 27, 2006
The Dow was up 28 points today. Advance/declines were about even and the volume was heavy. We were up higher and also were down a bit early. Could be a change in the works or just end of month volume. Bernanke spoke today and the markets liked it again. China raised its rates which was a mild surprise. Not sure what to make of it all but I don't expect any big moves up or down just yet. Gold was off $5 and the XAU got pounded, losing over 5 points. My order for puts was not filled and it looks like that I could have missed this downmove in the XAU. We'll see. Might get some rise in gold shares with the beginning of the month money flows so I'll hope for that. Then again, we might not. I'm not going to lament this too much but I think the time is now for a pullback in gold. The overall trend remains up so I will keep that in mind as I look to the future. Not much else to write about today. Mentally I'm doing fine, waiting for the next trade. Perhaps I should already be in it. I don't like to buy the options the first week after expiration but sometimes you just have to go with what you feel. The technicals also supported getting short the gold shares. I have been focusing on gold a lot lately but that's where the money has been. I'm still always watching the OEX and perhaps will have another trade there soon.
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