Wednesday, April 04, 2007
The Dow gained 20 points today on kind of light volume. Advance/declines were slightly positive. The economic data today was a bit weaker than expected. We should take a little rest here. I expect tomorrow to be slow considering the long weekend ahead. The employment report is out Friday with the markets closed. That should mute the response on Monday perhaps. GE was down and I'm still looking at it but am not sure of a trade there. Gold was up $8 today but the XAU didn't even gain 2 points. ABX gained about a quarter on good volume but you would expect better gains given the rise in gold itself. I probably should have dumped the calls I own today at a small loss. The trouble is that the recent small rise gives me hope that perhaps I can squeeze a gain out of this. That is most likely just wishful thinking though. I do expect the overall market to pull back next week as we are overbought short term. My thought at this point is that perhaps we'll see a little more strength early next week and I can get rid of the ABX calls there. It's just a guess. I'd also like to get some OEX puts before the inflation data is released. Mentally I'm a bit tired as I did not sleep well last night. I'm also kind of in holiday mode already. I don't anticipate doing any trades tomorrow and with the market slowing down for the holiday, action will be thin. I'll keep an eye on things but I don't expect any big moves and I would probably like to see us down a bit to relieve some of the overbought condition. But who knows?
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