Tuesday, June 19, 2007
The Dow was up 22 points on average volume. Advance/declines were positive. GE was the story of the day as it rose over a buck on very heavy volume. So it looks like I've missed that but you never know. The volume was extremely heavy in the out of the money nearest call. Perhaps that will be the play but it is overextended at this point. Trading can and is sometimes very frustrating. Gold was up $5 and the XAU rose a point. ABX was up on good volume as well as it gained a half. I would like to see ABX pull back a bit but it looks like the money is starting to come back into this issue as well. I don't want to chase it. Getting back to the overall market, I think we could be in for a pause soon. We are short term overbought. I don't think it's worth trying to buy puts for. Perhaps it will give a chance to purchase some OEX calls but there are so much time left on the July options that I feel the sidelines are best for now in the OEX. I could be wrong and often am. I think I will focus on ABX for now and see if I can get some calls there. We'll see. Mentally I'm feeling OK I guess. I would have liked to have gotten those GE calls, I can tell you that. But you have to just keep going in the game. It certainly won't wait around for you...
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