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Wednesday, December 17, 2008

No follow through today as the Dow lost 100 points on average volume. Advance/declines were positive. I think the action today was expiration related. The trend is still up in my opinion. We are working off a short term oversold condition. May get some fireworks into Friday one way or the other. Declines can be bought in my opinion but I've been wrong before. Gold was up $25 today and the dollar continues in free fall. However the XAU lost a point as it may be time for gold to take a rest. ABX was up 3/4 but GG and NEM each lost about a buck. Volume was good again here for the gold shares. I'd like to get the calls here if we get a decent pullback in the next 2 weeks. GE lost 1/2 on average volume. I'm looking to get the January calls here as well, sometime before the end of the year. No rush though. Next week should be slow. Mentally I'm doing OK. I think today would have been a good day to take a chance on the GG puts as we had a one day reversal to the downside for the gold shares. I didn't do it though, as I've been hesitating about everything here lately. But that will eventually change. So we'll see. Otherwise it looks like I'm done trading for the 2008 trading year. I don't foresee anything else at the moment.

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