Thursday, November 29, 2007
The Dow added 22 points today on lighter volume. Advance/declines were negative. As I said previously I would not expect anymore big upside from here. Sideways to down would be my expectation until we digest the recent gains. Gold lost another $5 today as the US dollar attempts to stabilize. The XAU lost over a point. ABX and NEM were both down on light volume. No trades there for now. GE lost 40 cents on average volume. I'd expect GE to move sideways here as well for a while. The call options are still in the black. There is a chance that I'm going to sell these and try and buy them back cheaper later on. However I'm not completely sold on that strategy. Mentally I did not get a good nights sleep and was a bit sluggish. However with so much time still left on Decembers options, there is no sense of urgency at the moment. End of the month tomorrow so we could get a return of volatility. However for now the game plan remains the same. Look to buy OEX calls on a return to the down trend line that was just broken. The summation index is trying to turn to the upside as it just stopped going down yesterday. There is no hurry to get the calls but that is the way that I'm leaning at the moment.
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