Wednesday, April 26, 2006
The Dow was up 71 points today. Advance/declines were slightly positive and the volume was pretty good. I still think it's a sideways affair here for a while. No OEX trades yet. Gold was up another $7 today and the XAU rose 2 1/2 points. I think we are due for a pause here as the volume was weak today. I placed a GTC order for some ABX puts. We'll see if it gets filled. Not all that sure that it's the right thing to do but it might work. We're overbought and have been for some time now. We could stay overbought so there isn't a lot of money in this trade. We also have plenty of time for the May option cycle. I'm not in a hurry to get this filled and it is priced accordingly. I'm trying to not make a trade just for the sake of having something. This trade is based on the volume pattern and the overbought nature of things at the moment. Who knows? I might cancel it tomorrow. Mentally I'm a bit tired, did not sleep as good as I could. I'm doing the reading that I need to get caught up on and I'm paying attention in case something changes here. Big Ben of the Fed speaks tomorrow and we'll see how that moves the markets. Otherwise it's just more of the same as I search for the next opportunity...
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