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Wednesday, October 07, 2009

The Dow tried to sell off today but came all the way back to end the day off by 5 points. Volume was light and the advance/declines were positive. My order for OEX puts was not filled overnight and I canceled it near the close. I will probably come up with another overnight order but I'm not sure that the short side is the way to go just yet. That said, the summation index is moving to neutral. We aren't short term overbought yet but we're getting there. I'll ponder things tonight. Gold was up another $4 and the XAU gained 2 1/2 points. ABX, GG and NEM all had fractional gains on average volume. Obviously gold was the place to be. Mentally I'm a bit tired, did not sleep long enough. 7 days left in the October option cycle. There is a chance that we just run up to new recovery highs here as well. I may stick with my original scenario though and look for some downside soon.

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