Thursday, April 26, 2007
The Dow was up 15 points today on heavy volume. Advance/declines were slightly negative. The momentum run continues. We are now at one of the most overbought conditions in some time. I don't know what it means but time will tell. No need to get in the way here, tradingwise. I should have been long something. I should have recognized the high volume breakout. I should have noticed the sector rotation. You've always got to be paying attention in this game. There are no excuses. That is why it is so difficult sometimes. Gold lost around $10 today and the XAU dropped three and a half points. Kind of saw that coming but did not trade it. The question is just how far this move will go. The technicals are rolling over on the weeklies. There still might be a chance to make some money to the downside here on a bounce. Also there is an important uptrend line on gold itself that has to hold for me to remain bullish overall. I'll check on its level tonight. Mentally I'm doing OK. Not a good nights sleep last night but I have no trades in the works anyway. End of the month on Monday. 1st quarter GDP tomorrow. That could be interesting. I have no solid idea there. Not much else to say for now.
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