Wednesday, February 14, 2007
The Dow climbed another 87 points today on good volume. Advance/declines were almost 2 to 1 positive. We are breaking out to new highs in the Dow. There are only 2 days left for the options in the OEX. I am thinking about getting some puts tomorrow, if and when we get short term overbought. Although this isn't the best trade in the world, I believe that it could work. Or I might just sit it out. We'll see what the movement is. Gold was up about $4 today and the XAU rose a point. ABX and NEM were both up on good volume. This is the place to be. The dollar fell today after Fed head Big Ben turned into Gentle Ben. I am going to get some March calls on the next pullback. I think we are due for a rest in these issues before the earnings releases next week. We'll see. But gold just continues to move higher and I think the fundamental case for a weaker dollar is now intact and I am sorry I didn't buy in sooner. I also would have made a ton of money if I would have just held on to the ABX calls I purchased earlier. But there is no looking back really because it won't do any good. Mentally, most of my ideas have been right on lately so I am probably going to take a stab at the OEX puts. I also think the longer term is bullish for gold. Of course that could all change tomorrow but I doubt it. So we'll see what happens.
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