Pageviews past week

4,288

Monday, October 26, 2009

A weak start to the week as the Dow lost 104 points. Advance/declines were about 3 to 1 negative and the volume was average. Getting to oversold here but the summation index is still pointing down. Is this the expected correction that I've been looking for? I've said that before. The overall trend is still up for now but that could change. We've got the end of the month coming up at the end of the week. I think the GDP number this week will be the biggest data point. No OEX trades for now. Gold took a hit, down $13 on the futures. The XAU lost 6 1/2. ABX, GG and NEM all lost around 1 1/2 on average volume. ABX and NEM earnings out on Thursday. The dollar was higher today. There is a lot of talk about the dollar beginning to rally here, for whatever reasons. This happened a few weeks ago as well and then the dollar hit fresh lows. I did place an open order in for some GG November calls. We'll see what happens. Oversold in the gold shares here. Mentally I'm feeling OK. Trying to gauge if this is the time to make a trade. The open order that I have placed is much lower than where the option price is at the moment. Not much risk in leaving it open for now. We'll see what Tuesday brings.

No comments: