Wednesday, May 03, 2006
The Dow lost 16 points today on average volume. Advance/declines were negative. More of the same. There hasn't been a trend here for quite some time. The only thing that has been constant is the rally during expiration week. Gold was up again about $5. The XAU fell a couple points. Usually that means weakness for gold going forward but in this market anything goes. ABX was only down a few cents and the options haven't really moved. Of course if I would have gotten the NEM puts, I'd be making some money. This has happened before and it pains me. But what can you do. The earnings for ABX have come out and they sound pretty good. The volume was heavy today so maybe it will be a sell the news event. The price of gold is probably a more important factor. As I look at the earnings they look to perhaps be a bit light as I saw reports for 32 cents a share and they are actually 29 cents a share. ABX is up a nickel in the aftermarket. We'll see what happens tomorrow. Mentally I'm feeling OK, got enough sleep last night. I have a dentist appointment tomorrow near the close so the post could be late or not at all. I'm trying to get caught up on my reading but made little progress last night. I'll try to get some in tonight. I've got to stay focused here. Employment report on Friday. No OEX trades just yet. Summation index moving sideways as is the market. That's it for today...
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