Monday, October 30, 2006
The Dow lost 3 points on light volume. Advance/declines were slightly positive. No news or events to drive the market today. Employment report this week and that's about it. End of quarter tomorrow. Gold was up around 6 bucks today. The XAU rose less than a point. Don't really know what to make of that. I still have the open order for NEM calls but I will cancel it if it doesn't get filled tomorrow with the earnings now out on Wednesday. Suppose I'll just have to wait for something else. Perhaps I can do ABX if NEM doesn't have a good report. Or I can wait. The technicals are overbought for the XAU right now so buying calls here may not be the smartest thing to do. I don't have any good ideas right now. Perhaps will look to short this thing at some point in this option cycle. But you never know. Mentally I'm looking forward to the gold share earnings and the markets reaction. I could stay on the sidelines. I'm thinking now that perhaps they ran up in anticipation of the good news to come. But that's just a guess. Not much else to say here...
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