Tuesday, May 22, 2007
The Dow lost 3 points on average volume. Advance/declines were slightly positive. The NASDAQ was stronger than the big caps today. The S&P 500 tried to close at an all-time high and pulled back again. No trades here for now. Gold was weaker today and the XAU shed 2 and a half points. We are really at a critical area in gold. If it doesn't hold up here it would be very bearish. The $650 to $660 area is key. My hope is that it holds but I have no idea. Mentally I feeling fine. No trades for now and I don't have any good signals. Patience is what is needed now and perhaps something will appear for the June expiration cycle. I will not try and force things here. If something comes up, I'll trade it. If not then I will just have to wait. There could possibly be a sell signal approaching for the overall market depending on what happens in the next few days. Time will tell.
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