Tuesday, June 06, 2006
The Dow lost 46 points today on good volume. Advance/declines were about 2 to 1 negative. The S&P 500 wasn't down as much. I would really like to step up and get some calls here but it's tough. The prices are still pretty high. The volatility is confusing. The summation index might be pointing back down today. A lot of crosscurrents. But you've got to step up to the plate and do something sometimes. And tomorrow could be the day for me. Gold was down $14 and the XAU lost 4 points. Volume was good to the downside. We are right at XAU support. I'm going to try and stay away from this for now. Gold is at $625 and I think it can go to $575 before support kicks in. But you never know. Mentally I'm a bit unsure of myself but I think the overall market can rally from here. If it doesn't, it will get ugly fast. I need to get some decent rest and clear my thoughts for the next trade. There is also a chance that I may just do nothing. But I don't want to go that route. I need to check the economic calendar and see what's on tap for the rest of the week. The dollar is firming here also and that won't help gold. I need to get focused and concentrate. Perhaps good things will follow...
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