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Friday, October 23, 2009

Back to the downside as the Dow lost 109 points on average volume. Advance/declines were 3 to 1 negative. Moving sideways for now and deciding which way to go I suppose. Summation index still pointing down. Can't say I have a good feel for what's about to happen here but I'm leaning towards the lower prices argument. But who knows? We'll see the reaction to the data out next week. Gold lost a couple bucks as the dollar had a bounce. The XAU lost 2 points. ABX, GG and NEM were all fractionally lower on light volume with GG leading the way. Some earnings out next week. I may try the gold share calls next week. Just about getting to short term oversold there. I'll mull things over the weekend. Mentally I'm doing OK. On the sidelines and rewriting my trading rules. Still 4 weeks on the November options so this was a good week to just sit tight. I'll be checking the charts for the next couple of days and take it from there. For now it's time for a break.

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