Friday, June 15, 2007
The Dow was up 85 points on good volume. Advance/declines were 3 to 1 positive. The CPI was viewed as benign. The June option cycle has ended. The market just seems like it wants to go higher here. GE had a good day and the volume was heavy. I do want to own some July calls there but will wait for a pull back. Hopefully that will occur but it may not. Gold was up a couple bucks today and the XAU rose over 2 points. I believe that this is just following the overall market. I haven't gotten the solid buy signal for gold that I usually see. ABX rose almost 75 cents today on good volume. I would like to get some calls here also but it just isn't as strong a buy without the gold signal. The dollar was weaker today which probably helped the gold shares but it didn't do much for the metal itself. So there are mixed signals here and I will have to check things over the weekend. The dollar has stalled at 83 which was the original target for the end of the so called rally. We'll see what happens. Mentally I'm feeling fine. Summer officially starts next week and I expect things to slow down in the market. There will be money to be made however there will most likely be a lot of days where nothing happens. It is a time for vacations and relaxation. This has to be taken into consideration when trading options. It will not be easy. So for now it's time to take a break on the weekend...
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