Wednesday, December 12, 2007
The volatility has returned to Wall Street. The Dow closed up 41 points on heavy volume. We opened up over 200 points and gave it all back and were down 100 points before a late comeback. Advance/declines were positive. I can't say that I know what is going on here. You really would have to take your profits quickly trading the indices. That is if you had any profits. I'm still leaning to the call side for the OEX but I have no trades there at the moment. Inflation data the next 2 days. The expectation is for some big numbers. I don't think that is going to happen but what do I know? Gold was up over a buck but the XAU rose more then 3 1/2 points. These two haven't been in sync lately. ABX and NEM were both up on average volume. Not trades there for now. GE was up about a quarter on heavy volume. It mirrored the market opening much higher and then selling off to be negative. It made a last hour comeback. The options aren't doing much though. Waiting for the weekly close. Mentally I'm tired, slept OK but not enough. Suffice it to say a market that opens much higher and cannot hold its gains just isn't bullish. I have no answers there. Hopefully we will get the selling out of the way here and head higher into the expiration. But that is a guess. It's anything goes at this point. There is nothing wrong with being on the sidelines until things work themselves out. I suppose I will try and be patient and wait for a valid signal. But you never know. So we'll see what the markets reaction to the inflation data is and take it from there.
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