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Wednesday, February 11, 2009

A day of rest as the Dow gained 50 points on average volume. Advance/declines were positive. I'm calling it a day of rest because that's what I believe is happening here. I still think we are going lower. 2 days before a long weekend. No OEX trades for me here. Gold continued higher, up $30. The XAU rose 8 1/2 points. Gold is breaking out and I bought some ABX calls. My overnight order wasn't filled so I adjusted it. ABX up 1 1/2, GG up 1 3/4 and NEM up 3. Volume was heavy. Price and volume are things that usually work. So we'll see. Yes I would have liked a better price but what can you do? The next question will be when and where to exit. Earnings are out next week as well. Mentally I'm a bit tired, could have slept better. So the next trade is in session. We will have to see where the market leads us. Money is definitely flowing into gold. We'll see if it keeps up. I do think the stock market will continue lower here. That should support the gold market. Not a lot of time for these options so they will have to be watched closely. On to tomorrow.

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