Wednesday, February 07, 2007
The Dow was pretty much unchanged today on average volume. Advance/declines were positive. We were up around 30 then down around 30 and ended up where we started. I did buy some OEX puts. I am already not so sure about this trade. Perhaps I am early but my intermediate term work puts us overbought. The stop-loss order is already in. This is a short term trade and I will be out before the end of the week unless something dramatic happens. I will probably be out tomorrow, one way or the other. Gold was off a little over a buck today and the XAU lost 3/4 of a point. The volume here was light again. I think gold followed oil today as it was down over a dollar. The dollar itself fell a little. I am still looking for some gold share calls but probably not until next week. My focus at the moment is on the OEX. It was weaker than the overall market today which was different. Who knows what will happen tomorrow? It doesn't look like there is any important data out for tomorrow or the end of the week. I suppose we will be trading off of the technicals. Mentally I'm unsure of myself here with regards to this OEX trade. As usual I'm second guessing myself here at the close. It doesn't feel like a good trade. I certainly will be looking for a place to exit as soon as possible unless the market cooperates. We'll see.
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