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Wednesday, August 26, 2009

Hanging around here as the Dow gained 4 points. Volume was light and the advance/declines were negative. I get the feeling we are preparing for one more thrust to the upside. After that, who knows? I'm leaving in my order for the OEX puts. I think we'll see some downside on Friday or Monday. However after that, if it occurs, I'm going to get long the gold shares. That's the scenario for now. It has been a pretty slow week here so far. Gold was little changed today and the XAU fell almost 2 points. ABX, GG and NEM all had fractional losses again on light volume. The dollar was higher today but I really think these are thin markets this week. I'll try and be patient. Mentally I'm feeling OK, slept well enough. So we are here moving sideways on light volume and waiting to see where the next catalyst comes from. Again, I think the upside is limited here with one more pop perhaps. But I could be wrong. However, I am willing to try the OEX puts here and we'll see what transpires from here.

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