Friday, November 30, 2007
We continue higher with the Dow up another 60 points today on good volume. Advance/declines were over 2 to 1 positive. I am surprised as I expected some type of sideways or down action. Perhaps the market is stronger then I realize. Or maybe it was end of the month buying. We will be overbought with another up day on Monday, if that occurs. The NASDAQ was lower today. Perhaps the big caps will be the leaders this time around. I don't know. Gold was lower again today by $13. The XAU lost 1 3/4. Both ABX and NEM were down on good volume. The dollar is trying to stabilize here, even with talk of lower interest rates in the US. So the big run-up in gold is taking a breather for now. GE ended up a touch on heavy volume. It moved around a lot and closed well off its highs. I'm not looking for any big moves up for GE until perhaps the second week of December. The Fed meeting should provide some type of movement. That's my guess at this point. I suppose I'll be holding on to the calls for a while. Mentally I feel OK, got a good nights sleep. My scenario for the OEX calls remains the same. Buy on weakness. We should see some downside next week. That would work off the overbought condition and bring some fear back into the picture. So we'll see. For now it's again time for a break as the weekend arrives. As always I'll be checking the charts and going from there...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment