Tuesday, July 31, 2007
The Dow lost 146 points today to close out the month. Volume was extremely heavy again. The advance/declines were slightly negative which was about the only positive thing for the day. We opened higher and closed lower and that is usually not a good thing. We got to the recent down trend line and sold off. If we can get a blow-off down day I'll look at the OEX calls. But it hasn't happened yet. Gold was up a couple bucks but the XAU lost a point. ABX and NEM both were up early along with the market and closed near their lows. I don't think the earnings will help at this point. Not in this type of market but we'll see. GE down another half on average volume. Again, I have a target in mind here to get long but we're nowhere near it yet. And so it goes. Mentally I'm doing what I can to stay positive in a negative trade. There are no illusions of a profit here so that's a plus. As for the overall market it would have to hold here tomorrow to turn the short term positive. Doesn't look like that will happen but who knows? Maybe the money flows can keep it up for a couple of days. But the market will do what it does. I'll keep an eye on it...
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