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Thursday, May 28, 2009

Back and forth we go as the market decides which way to go. The Dow gained 104 points on average volume. Advance/declines were positive. We are still stuck in a trading range. I'm leaving in my open order for OEX puts but I'm not as sure about it as I was. We could be consolidating before we move to new recovery highs. That is certainly a possibility. I'll keep an eye on things and adjust my view accordingly. Gold is still moving higher, up $8 and now over 960. The XAU gained 6 1/3. ABX and GG were up over a buck and NEM rose 1 1/2. Volume was average. The dollar continues lower to support gold. It has been an incredible move and I'm not taking part. I think it's too late at this point but who knows? Mentally I'm doing OK, slept better last night. So where do we go from here? The market has held up better here than I expected. I'm getting the feeling that we are going to move higher. But that's a guess. The technicals are mixed at this point. End of the month tomorrow. I'm not sure how that may affect things. Missing the gold move here was a mistake. It has lasted longer than I expected. I certainly don't want to short gold here but I can't chase it now. I'm leaving in my order for the OEX puts for now and will decide what to do with it before the weekend.

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