Tuesday, May 15, 2007
The Dow was up 37 points on good volume. Advance/declines were negative. We were up over 100 at one point. The overall market was weaker once again. We are running out of gas here I believe. Option expiration week might help prop this thing up but I think the rally is over. That is my guess. Gold was up $4 today and the XAU was little changed. The XAU was up earlier in the day and sold off also. I'm waiting for a buy signal there. It hasn't happened yet. Mentally I'm a bit tired today. I would have liked to have taken a chance on some puts today but I am trying to remain out. Discipline isn't easy. The inflation data was viewed as positive and that fueled the rally in stocks early. The dollar sold off and that helped the gold shares early as well. But the gains were not held and implies weakness ahead. Expiration is Friday and anything can happen between now and then. I'm on the sidelines and hopefully staying there...
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