Wednesday, August 02, 2006
The Dow rose 74 points today on good volume. Advance/declines were over 2 to 1 positive. The market just wants to move higher here. I suspect we will tread water tomorrow ahead of the employment report. Gold was up around $4 and the XAU rose 3 points. ABX was up good on heavy volume and it seems to be moving higher in the aftermarket. The XAU sold off and then roared back in the last half hour. Money seems to be flowing into ABX. I almost got some higher strike calls but didn't. No guts. We are really overbought there also. But sometimes it just doesn't matter I guess. Bottom line is that I missed it and that's that. I am still looking for a short play on the Fed next week. That is the plan. I think the employment report will be weak and that could be the last hurrah on the upside. Mentally I'm trying to get back in the groove. The next trade will be important because it could help set the tone for the second half of the year. I seem to be in a funk at the moment. But I think it too, will pass. I will continue to watch and wait for what I perceive to be the next opportunity. Patience is good sometimes too...
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