Thursday, July 05, 2007
The Dow lost 11 points on light volume. Advance/declines were negative. The overall market was better then the Dow. We sold off and came all the way back. This market has the feel of one that wants to go higher. Interest rates rose and the market held up pretty well. We'll see about the employment report. Gold was down around 4 bucks but the XAU continued to rise and was up 1 1/2. ABX gained a half. The volume here was light but the trend is up. In retrospect perhaps I should have chased this one. I still might pick up some calls if it ever pulls back. Gold was down, the dollar was firmer, interest rates rose and still the gold shares went higher. GE was down a little and the options are still too expensive for me. Mentally I'm a bit tired as I did not get a good nights sleep. I'm also frustrated for missing the ABX trade. But you have to move on. I was also thinking about getting some OEX calls but might wait until next week. There isn't a clear signal of overbought or oversold there. We're slightly overbought but not in the range of where I'd be looking at the puts. and so it goes...
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