Friday, September 28, 2007
The Dow lost 17 points today on light volume. Advance/declines were negative. We got some volatility in the last hour as the month and the quarter ended. I would still like to own some OEX calls here but not without some type of pullback first. It may or may not happen. Gold soared $10 today to hit $750. The XAU rose about a point and a half but was much higher earlier. I'm thinking it was profit taking for the quarter. ABX was up over a buck on good volume. That said, I am looking to get some puts here. I do believe that the gold shares need more of a rest then we got this week. If we get some strength early next week in ABX I will probably try the puts. There will be a divergence in the RSI if all goes as planned. This is risky though as the dollar hit fresh new lows and shows no sign of turning around. The dollar is very oversold as gold is overbought. So we'll see. GE was flat on average volume. I think the earnings are due out next Friday. They should be pretty good but you never know what the stock will do on the actual report. Mentally I'm doing OK. Slept OK. Will have to check all the charts over the weekend. Beginning of the month and the quarter on Monday and I'm thinking that there will be money that has to be put to work. Employment report on Friday. But for now it's the weekend and a little break is in order. After that, some type of game plan for next week.
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