Friday, June 29, 2007
The Dow lost 13 points on average volume. Advance/declines were about even. We started out up 100 then sold off in the last hour to down 100 and came back to finish where we did. It was the end of the month and end of the quarter gyrations. I think we are getting to an intermediate term oversold condition. I'll check things over the weekend but that is my thought at the moment. However the summation index is still pointing down. Gold didn't do much today but the XAU rose a point. ABX was up a quarter. I had an order in for the August calls and it wasn't filled. I am hoping for some type of pull back in this issue next week. We did sell off in ABX in the last hour but the options barely moved. It moved with the market which got a little crazy in the final hour. My feeling is that this trade will work if I can enter at a reasonable price. GE continues higher. No trade there for me at the moment. Mentally I'm a little tired, did not sleep well last night. It's the weekend and I'm a little frustrated about not getting the ABX calls earlier this week. But I've got to move on and go from here. Perhaps I'll get a chance next week or maybe I will just have to pay more for them. We'll see. I would expect next week to be pretty quiet but who knows? I think July 4th usually has a positive bias. For now I'll take a break and check the charts over the weekend...
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