There was a problem with the blog site yesterday. Therefore there is no entry for Thursday. Let me give you a quick recap. The Dow gained 65 points on average volume. Advance/declines were positive. GE was flat on light volume. Gold gained $5, while the XAU lost 1/2. The US dollar was down a bit. I thought about getting some OEX calls but did not. I did put in an order and it wasn't filled. The uptrend line in the S&P 500 from March is still intact. No clear signal here but we are getting oversold. I would like to try the OEX calls but time is running out and the risk increases with each passing day. Let's move on to today.

The Dow closed out the week with a loss of 100 points on average volume. Advance/declines were over 2 to 1 negative. It wasn't much of a week for the stock indices one way or the other. We are about to break the uptrend line on a daily basis in the S&P 500 that has been in effect sine March. The market would have to turn around strongly on Monday to negate that. We'll see. I did want the OEX calls yesterday but after today I'm not so sure. GE lost 1/4 on about average volume. Still in a sideways channel here but on the lower end. No trades here. Gold lost $13 on the futures. It came back a bit in the aftermarket. The XAU fell 1 1/3. ABX, GG and NEM had fractional moves one way or the other on average volume. Oversold here and staying that way. I would like to try the gold share calls for June. That could be the next trade at this point. The US dollar continued higher today and finished above its 50 day moving average. The question is how long does the US dollar rally last? That is one of the questions which will definitely affect gold. The Gold/XAU ratio continues to be saying buy gold here. Mentally I'm feeling tired, did not sleep well. There will be a lot to think about over the weekend. However there are only 5 days left in the May option cycle and the short term trades are not my strong suit. Lately, nothing has been. The stock indices look like they could go either way here. The summation index has probably turned back down after today. Gold is oversold and staying there. I'll check the charts over the weekend and take it from there. For now though, it's Friday afternoon and time for a break.