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Thursday, August 17, 2006

The Dow gained 7 points on average volume. Advance/declines were positive. We were up higher but sold off. Running out of steam here perhaps but the technicals look to go higher. I'm not sure and would like to get some OEX puts. But the option cycle will just be beginning. It's a tough call. If I get a solid signal I guess I'll give it a try. Gold lost around $14 and the XAU was down around 3 points. I haven't been watching this as close as I need to lately. I'll check the charts tonight. Don't know if a play is imminent. It is summer and the end of August really isn't a time to get too bold. That said, I would like to make some money. Patience isn't always the easiest thing in the world. Same goes for discipline. My thinking is the earnings in the fall will disappoint and the market will drop. How to play that and from what levels is the key. And that scenario could be wrong too. So I will keep on watching and waiting. My studies will continue and I will try and wait for the next good opportunity. It's coming...

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