Tuesday, October 24, 2006
The Dow was up 11 points on good volume. Advance/declines were positive. Overbought again and what else is new? Fed announcement tomorrow. The market just continues to go higher. Until there is a change, there is nothing else to say. Gold came back around 5 bucks and the XAU was fractionally higher. I'm still looking to get some calls here if we have a pullback. If not then I'll be on the sidelines. I might switch to NEM calls if the price gets low enough. Earnings for both ABX and NEM are next week on Thursday, so I'd like to be positioned before then. But the market knows this so I'm not the only one looking at things here. Sun Healthcare continues higher but as I said before that will be a long term holding and not a trade. Earnings there next week I believe. So today the overall market was weaker than the Dow again. I now see the volume was heavy. So maybe we fall a bit tomorrow. I'm looking for the Fed to come out with a hawkish statement with bonds and stocks to fall. That should support the dollar and send gold lower. That is my guess. And a guess is all it is because regardless of what everyone says, nobody really knows. Mentally I'm a bit stressed with computer problems this morning that required outside technical help and delayed my access to market information. These things happen and fortunately it was a slow day trading for me personally. So I'm a little drained and will end this blog.
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