Pageviews past week

Monday, January 05, 2009

The Dow lost 81 points today on better volume. Advance/declines were positive though. I do expect some more downside here to relieve the current overbought condition. Perhaps it will set up an OEX option trade. We'll see. Gold lost over $20 today as the dollar had a good day to the upside. The invasion of Gaza over the weekend did not help support the gold price so take note. The XAU dropped 4 1/2. ABX, GG and NEM all lost at least 1 1/2 on good volume. When the gold shares get oversold I'll be looking at the calls there again. GE fell 1/2 on better volume as well. The calls are in the red again as this has been a poorly timed trade. However I'm still a believer for now that we will see higher prices before the January expiration. I could be wrong. Mentally I'm doing OK, still on the back-up computer. I'm expecting near term weakness in the overall market and then we go higher from there. That's the guess for now. Employment report due out on Friday and that will be key going forward. The volume has been lighter than usual but after the carnage of last year that may be the norm for now. On to tomorrow.

No comments: