Friday, December 08, 2006
The Dow rose 29 points on lighter than lately volume. Advance/declines were negative. The employment report was better than expected but the session was rather lackluster. I would still like to get some OEX puts especially with todays action. We'll see about that on Monday. Gold was originally higher early but then sold off on some government officials comments. Early in the session, I canceled my open order for NEM calls. Gold ended down over 5 bucks and the XAU lost 2 1/2 points. NEM held up rather well considering and there was again heavy volume in the calls I'm looking at. I mean big volume. Open interest expanded yesterday with the volume. I don't know what is going on there but if the open interest expended again when I check on Monday, I might just have to buy those calls. The chart doesn't look good anymore though and if they're talking up the dollar it isn't a smart play. Not to mention the fact that there is only a week left on these things. Perhaps an announcement is forthcoming. I really don't know. Maybe people were just getting out of their calls too. I'll find out Monday I guess. Otherwise mentally today I was fighting myself not to make a trade. There really isn't a clear signal on the OEX but longer term it looks like a sell. Todays weak overall market lends credence to that. The low volume also suggests not much interest here. The summation index could roll over here too. I really need to check things carefully over the weekend. I do believe Monday that I'm going to do some type of trade.
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