Friday, February 09, 2007
It was an interesting day. The Dow lost 57 points on good volume. Advance/declines were over 2 to 1 negative. Again, as with the last gold trade, I sold my position a day too early. Each time I made profits but they could have been so much better. It's a frustrating game sometimes. My ideas are right on though so I at least have that going for me for a while. We're short term oversold now and should bounce. I'll think about getting some calls over the weekend. I should have been paying more attention today as opportunity was there. We'll see about next week. Gold had an interesting day as well. It was up $9. It is very overbought. However the XAU sold off after an early rise and was slightly negative for the day. That should not happen on a day up big on gold. So there is a divergence in place. This might actually be a shorting proposition but I'm bullish longer term and will look to buy the gold shares on weakness. ABX and NEM were up on good volume at the close, after selling off. The dollar was stronger today too, so there are a lot of crosscurrents going on in this market. The weekend is here and there will be much work to do. Expiration week is upon us and there is a lot of data coming out. I'll have to be ready and develop some type of gameplan. It will be a long weekend after expiration also. Earnings on the gold shares will be out on the 22nd. So there is plenty to think about for the next trade...
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