"Pass"

Noon EST
In the news are nice earnings from HPQ (Hewlett Packard), a shakeup at XMSR (XM Satellite Radio), DCX (Daimler/Chrysler) earnings a bit lower, strong housing starts, a recovery in oil, flat to down gold and silver. HPQ looks to be topping after a great 2005 run, but too very risky to be short or long. XMSR looks to be in trouble but there are some buyers stepping up at the 52-week low. Housing stocks got a pop, but are now going back to the line. Housing stocks have been hit hard the last few months as the new housing market cools. Oil stocks are up a tad. Copper mining stocks continue to slide, while gold and silver stocks find some support, even as the metal prices decline slightly in the morning. Now that the prices have firmed up, the stocks are up a bit more.

So these are a few things that I have looked at and said "pass" at least at this time. I will have more "powder" after options expiration and several of my stocks (AMZN, AMD, PIXR) are called away. ABX, I already rolled out the calls, and PDLI, will do after expiration. The disadvantage of rolling out early is paying an extra commission and spread.