Monday, October 08, 2007
It was a partial holiday today for Columbus and the Dow dropped 22 points. The volume was very light and the advance/declines were almost 2 to 1 negative. So you can't take much out of todays action most likely. Gold lost almost $9 and the XAU declined 2 3/4. ABX wasn't down much and the volume was light. I did have an overnight order in for some puts again but it wasn't filled. We could just be moving sideways here but I am still favoring the downside. However this issue, along with the overall market seems to be wanting to go higher. But you can never be completely sure. GE lost 20 cents on light volume. GE seems to just be marking time until the earnings on Friday. I might try something there, we'll see. Mentally I'm tired and did not sleep well last night. We have less than 2 weeks in this option cycle and I would like to take some profits somewhere. The Fed minutes will be released tomorrow and that will be a mover I think. So I will have to be positioned before then, if possible. But you never know. I looked at things over the weekend and believe that shorting gold at this point is the thing to do. The stock market is overbought but staying there and looking like it wants more upside. There are no easy trades out there at the moment...
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