Friday, July 22, 2011
It was a mixed market today as the Dow lost 43 points today on light volume. The S&P 500 and the NASDAQ were higher though. The advance/declines were positive. The Dow was negative all day. It still has the feel of a market that wants to go higher. I still am thinking about the OEX puts for sometime next week. GE opened higher but closed lower by 1/8 on its earnings report day. Volume was heavy. I think GE may provide a clue for where we are going here with regards to the stock indices but I could be wrong. Gold rose $14 and the XAU gained 2 1/2. The dollar was higher as well. There was a bombing of government offices in Norway that probably helped the flight to safety trade today. ABX up 2/3, GG gained 1 1/8 while NEM edged higher by 1/8. Volume was light. Overbought and staying there for the gold shares. Not sure about getting the calls here. Mentally I'm doing OK. I'll have to check the charts over the weekend. We are overbought on the stock indices but not excessively. The summation index has turned back up. I have been considering getting some OEX August puts and I still am. I'll decide what to do over the weekend. For now it's Friday evening and time for a rest.
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