After the last three weeks of trading, I have come to conclude that the market is trying to close right at 10,500. Today it almost hit it right on the nose at 10,503. All participants were waiting for Greenspan to speak before any real trading could begin and of course his words were palatable to the market.
Tonight INTC had their mid-quarter update and raised revenue guidance a little bit. INTC has had a big run for the past month or so and going into the close it was having another good day. After the announcement there was a bit of a pull back in the price. We will see what tomorrow brings.
It's Friday and soft trading, both in terms of volume and price should occur. Not much to report tonight as nothing seems to be going on, again. Our assessment is that the market continues to be overbought and we remain extremely bearish.
We mentioned trying to get into PAAS again today and we did. PAAS dropped to 13.99 during the morning trading and we managed to pay a little bit more than that for it but are happy with our trade. Silver dropped 18 cents today, about 2.5%, and gave us a great opportunity to get back into PAAS. Our target price was in the low 14's and today it traded at 13.99, so far we are doing well since PAAS closed at 14.35.
Have a great weekend, talk to you next week.
Dow Industrials: 10503.02 +26.16
BGEIX: 10.32
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