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Thursday, June 04, 2009

Back to the upside as the Dow gained 75 points. Volume looks to be about the same as yesterday. Advance/declines were over 2 to 1 positive. It's beginning to look more like tomorrow could be an up day as there was no follow through to the downside today. My OEX puts are slightly in the red. I'm getting the feeling that this trade isn't going to work but we'll have to see what happens tomorrow. Still a negative divergence on the RSI as I explained yesterday. But that could change with another strong up day. Gold came back as well, up over $15. ABX, GG and NEM were all back up a buck or so. Volume was lighter however. That doesn't mean we can't go higher here but perhaps we are finally running out of steam. That's a guess and we'll just have to wait and see. Mentally I'm feeling OK. Nothing left to do but wait for the employment report. We'll have to see the markets reaction. My puts are well out of the money so unless we see a drop in the market, it could be time to just dump them. 2 weeks to go after tomorrow. We'll see what Friday brings.

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