Friday, May 25, 2007
The Dow was up 66 points on light volume. Advance/declines were over 2 to 1 positive. So, do we go on up from here to new highs? That is the question. The volume today was light. Was it because people got an early start on the 3 day weekend? Or is this the beginning of a light volume bounce the eventually leads us to taking out the recent low set yesterday? I don't know. I'm leaning towards that this is just a bounce. The summation index is still pointing down. Now I know this indicator hasn't worked lately but that can not go on forever. I'll check things over the weekend and go from there. Gold was up a couple bucks today and the XAU rose a point and a quarter. The charts here don't look too good. We are oversold on a short term basis. Most of the gain today was again the rise in FCX. ABX and NEM were both down on light volume. I'm probably going to stay away from the gold shares for now unless I see something compelling on the charts this weekend. Mentally I'm a bit tired as I didn't sleep well last night. I am looking forward to an extra day off this weekend. I was looking at MSFT and it bounced back today. I am looking to buy some puts there. I need to do a little more study though since this isn't an issue that I normally follow. I'm looking to get some OEX or SPX puts perhaps next week, if the market continues to rise on light volume. There are some economic reports coming out next week even though it is a short week. But for now it's the weekend and time to take a break...
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