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Wednesday, January 28, 2009

The Dow rallied today, up 200 points on good volume. Advance/declines were over 5 to 1 positive. We got the Fed out of the way. Next up is GDP tomorrow. I can't see that as being a good number. We are overbought short term now. However with todays action the summation index is clearly heading higher. The end of the month is upon us as well. Still plenty of time in this option cycle so I have no OEX trades in mind at the moment. Gold lost over $10 today and the XAU shed about 2 points. ABX and GG were off fractionally and NEM dropped 3. Volume was pretty good and heavy in NEM. I am going to try and wait until next week to get some gold share calls. It depends on tomorrow really. I think the market will be selling off on the GDP report and perhaps the gold shares will go with it. But that's a guess and I'll be watching what develops. Mentally I'm a bit tired, did not sleep as well as I could have. I think the question now is does the rally have legs? Or are we stuck in a trading range? Time will tell. I don't have the answers. The game doesn't get any easier.

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