Wednesday, January 24, 2007
The Dow rose 88 points on average volume. Advance/declines were over 2 to 1 positive. The summation index should now be heading higher. We should see strength going into the end of the month. After that it could change. No OEX trades for now. Gold was up a couple bucks today and the XAU rose over 2 points. Money seems to be flowing this way even thought the dollar was stronger today. ABX was up over 30 cents on good volume. The calls are doing well so far. I would like to add some more calls in NEM or perhaps go out to March. I'm waiting for a slight pullback. It's tricky though. I don't know if this is the beginning of a multi-week move but I suspect that it is and I will trade it accordingly until further notice. It's also possible that gold is just moving up with oil as big money piles in again. Tough call. Mentally I'm a bit tired as I did not sleep well. But things are looking good with this trade so far and hopefully I won't repeat the mistakes of the past. But ya never know. Otherwise there is nothing else on the radar screen. Earnings for the gold shares come out in the March option cycle. They should be good but that doesn't mean anything as we learned with GE. Sure wish I could do that trade over again.
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